January 11, 2020
In case you have forgotten, the SBA is reopening applications for PPP loans January 11. Congress authorized an additional $284 billion for the program, and it is even open to businesses who received a loan in the first round.
Applications open today for financial institutions and community banks that serve low-income and minority communities to process applications. If this does not apply to you, your window for applying opens Wednesday, January 13th.
If you are planning to apply for a second loan, you must use the full amount for authorized uses only, have 300 or fewer employees and demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
The SBA website has a lot more information on who qualifies and what you will need to apply.
Still have questions? We are here to help! Give me a call or send me an email. Want a reminder that the application window is open on Wednesday? Be sure to follow me on Facebook or like my Instagram page!
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