SBA and Treasury announce PPP reopening, issue new guidance

WASHINGTON – The U.S. Small Business Administration, in consultation with the Treasury Department, announced that the Paycheck Protection Program reopened Jan. 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make first draw PPP loans Monday, Jan. 11, and second draw PPP loans Wednesday, Jan. 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released Jan. 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to