PPP Set to Reopen for Select Lenders and Borrowers
The U.S. Small Business Administration (SBA) and Treasury recently announced the Paycheck Protection Program (PPP) will reopen Monday, Jan. 11 for select lenders and borrowers.
The SBA and Treasury stated in a news release that initially only community financial institutions that serve minority- and women-owned businesses will be able to make loans. These community financial institutions can begin making loans to first-time PPP borrowers on Monday and second-time PPP borrowers on Wednesday.
The news release also said the application will open to all lenders “shortly thereafter” but did not specify a date. The closing date for the new PPP is March 31.
For more information, visit tscpa.com/covid19.