Paycheck Protection Program (PPP) Update
On December 27, 2020, The Economic Aid to Hard-Hit Small Businesses Act was signed into law and provides an additional $284 billion of funding to the U.S. Small Business Administration (SBA) through March 31, 2021 or until the appropriated funds are exhausted. This funding is intended, among other things, to allow certain small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan.
First Time Borrowers
The Paycheck Protection Program (PPP) is a private loan which are fully backed by the SBA, designed to provide a direct incentive for small businesses to keep their workers on the payroll.
Second Time Borrowers
The PPP Second Draw loan is a new coronavirus assistance loan available through the PPP loan program. Small businesses that have already taken out a PPP loan and used up the funds would be able to apply for another loan through this program.
The U.S. Department of The Treasury website provides detailed information that will assist you in determining if you qualify and what step’s you need to take.
Contact a Commercial Lender to discuss PPP Loans and how we can help you navigate these uncertain times for your business.