The Paycheck Protection Program has reopened for new borrowers and select entities that have already taken from the program.
Community financial institutions were able to make first draw PPP loans Monday and will be able to make second draw loans today, according to a statement released by the U.S. Small Business Administration and the U.S. Treasury Department.
Like the program’s initial phase, the new version of the PPP tries to help small businesses. It authorizes up to $284 billion toward job retention and certain other expenses through March 31 of this year, while allowing certain borrowers to apply for a second loan.
“The historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most,” said Administrator Jovita Carranza in the statement. “Today’s guidance builds on the success of the program and adapts to the changing needs of small business owners by providing targeted relief and a simpler forgiveness process.”