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SBA and Treasury Dept issue new guidance for PPP reopening

Comments WASHINGTON – The U.S. Small Business Administration, in consultation with the Treasury Department, announced that the Paycheck Protection Program re-opened the week of January 11 for new borrowers and certain existing PPP borrowers. Updated PPP guidance outlining program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. This round of the PPP continues to focus on millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

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