First Draw Increase News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Monday, January 11, 2021
On January 8, 2021, the U.S. Department of the Treasury, in connection with the Small Business Administration, announced that the Paycheck Protection Program (PPP) will reopen the week of January 11 for new borrowers and certain businesses that have already received PPP loans. 
Community financial institutions may begin making PPP loans to new or “first draw” borrowers on January 11, while “second draw” borrowers can do so from these lenders beginning January 13.  Thereafter, all other participating lenders may begin disbursing funds.  This new wave of PPP loans will be available through March 31. Existing PPP borrowers can request to increase their first draw PPP loan amount to the extent it returned or did not accept the full amount of a PPP loan for which it was approved (First Draw Increase). ....

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