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What Small Businesses Need to Know About the Reopened PPP Loan Program

What Small Businesses Need to Know About the Reopened PPP Loan Program

Author: Robert A. MarsicoDate: February 17, 2021

The Paycheck Protection Program reopened on January 19, 2021, with an additional $284.5 billion in new funding awarded under the COVID-19 relief bill enacted last month. PPP loans will continue to be available to provide economic relief to small businesses adversely impacted by the pandemic. In some cases, businesses that previously participated in the program may be eligible for a second draw.

The SBA reopened the PPP for First Draw PPP Loans the week of January 11, 2021. It began accepting applications for Second Draw PPP Loans on January 13, 2021. Unless further extended, the application period for both PPP loans will end on March 31, 2021.

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