News
The Small Business Administration (SBA) reopened the Paycheck Protection Program (PPP) for both First Draw and Second Draw PPP Loans the week of January 11. Applications can be submitted between January 11 and March 31, 2021.
Since the inception of the program, the SBA has made modifications to best assist businesses in continuing need. The following updates had been made to the program: borrowers can determine their preferred loan covered period, between 8 and 24 weeks, to best meet their business needs; in addition to payroll costs, employee benefits, mortgage interest, rent, and utilities, loans will cover additional expenses including operation expenditures, property damage costs, supplier costs, and worker protection expenditures; eligible entities now include 501© non-profits, housing cooperatives, direct marketing organizations, among other types of organizations; and finally, there is greater flexibility for seasonal employees’ payroll expenses.