Second round of PPP loan applications begins today
The Small Business Administration will resume accepting Payroll Protection Program loan applications at 9:30 a.m. today from approved lenders on behalf of any eligible borrower.
The start time will ensure that SBA has properly coded the system to account for changes made by the legislation.
President Donald Trump has signed the $484 billion coronavirus aid deal last Friday, which includes $250 billion for the Paycheck Protection Program, a new federal loan program that allows qualified banks to offer low-interest loans that can later be forgiven. It also provides $60 billion for Economic Injury Disaster Loans.
The funding gives the PPP and EIDL programs new life, after the money allocated for the programs at the beginning of the month ran out on April 16.
“The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans,” said SBA Administrator Jovita Carranza. “With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief.
All eligible borrowers who need these funds should work with an approved lender to apply, Carranza added. Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan.