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Second wave of Paycheck Protection Program loans has started. Here’s what to know
A second round of low-interest and potentially forgivable federal loans to businesses hit hard because of the COVID-19 pandemic is underway.
The Small Business Administration began accepting loan applications for Second Draw Paycheck Protection Program Loans on Wednesday, Jan. 13, and will accept them until March 31, according to the SBA website.
The new program is part of the $900 billion COVID-19 relief bill that was signed into law on Dec. 27. Congress approved the first PPP as part of the CARES Act in March 2020, with a $250 billion replenishment in April 2020.