A second round of Paycheck Protection Program loans (PPP) will reopen on Monday, January 11, 2021. Initially, PPP loans will only be available through financial institutions that serve women- and minority-owned businesses. PPP loans will open to first-time borrowers through those institutions on Monday, and to second-time borrowers on Wednesday, January 13. PPP loans will be available through all institutions “shortly thereafter,” according to the Small Business Administration and United States Treasury. The closing date for applications for the second round of PPP loans will be March 31, 2021.
On August 24, 2020, the United States Small Business Administration (SBA) provided additional guidelines on Paycheck Protection Program (PPP) loan forgiveness under its interim final rule. PPP loans are forgivable if businesses use them on eligible business expenses and retain a certain portion of their employees during the covered loan period.