![]() Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount and.The PPP provides greater flexibility for seasonal employees.The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations.PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs.We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.” “This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19. “The Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America’s small businesses, supporting more than 51 million jobs,” said Treasury Secretary Steven T. ![]() “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 to ensure their path to recovery.” “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. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The PPP will open to all participating lenders shortly thereafter. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. Market research and competitive analysis.
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