By Ashleen Sahni and Satya Yeruva
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.
Effective with the passing of the COVID-19 relief bill, the second round of PPP loans features relaxed rules for forgiveness and eligibility, including:
The US Small Business Administration and Treasury released new PPP loan application forms including Form 2483 – Paycheck Protection Program Borrower Application Form and Form 2483-SD – PPP Second Draw Borrower Application Form. Form 2483 is updated from previous versions, and Form 2483-SD is a new form available for borrowers to apply for a second PPP loan.
For help applying for a PPP loan, obtaining forgiveness, or any related matters, please contact your trusted Chugh CPAs, LLP professional.
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