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The smallest businesses and those owned by people of color were last in line for Covid-19 relief. And they may well be again.
The Small Business Administration, in consultation with the U.S. Treasury, announced Friday that on January 11 it will relaunch the Paycheck Protection Program for borrowers at so-called community financial institutions. That's two full days before the portal opens to second-draw PPP borrowers on January 13. The PPP is now a $284 billion refundable loan offering aimed at struggling small businesses. Eligible second-draw borrowers include businesses that have already exhausted their first PPP loans or will do so soon, have 300 or fewer employees, and suffered at least a 25 percent drop in quarterly revenue from 2020 over 2019.