U.S. Treasury Announces Next Round of PPP Loans
Last week, the U.S. Treasury and Small Business Administration (SBA) rolled out a new round of the Paycheck Protection Program (PPP). Businesses will be able to use PPP funding over eight to 24 weeks. This new round is said to be more flexible and clearly defined than previous loans.
Lenders began accepting applications for new PPP loans. The program started with small lenders accepting applications for new PPP loan borrowers, with larger lenders accepting applications shortly after the launch. Small lenders began accepting applications for second-draw loans on Jan. 13, and larger lenders are expected to accept second-draw loan applications shortly thereafter.
The process for loan forgiveness has been streamlined. The SBA has announced that it will remit the Economic Injury Disaster Loan grant amount back to the lenders, and the lenders will give it back to the PPP borrower. Read more about this new round.
Lenders began accepting applications for new PPP loans. The program started with small lenders accepting applications for new PPP loan borrowers, with larger lenders accepting applications shortly after the launch. Small lenders began accepting applications for second-draw loans on Jan. 13, and larger lenders are expected to accept second-draw loan applications shortly thereafter.
The process for loan forgiveness has been streamlined. The SBA has announced that it will remit the Economic Injury Disaster Loan grant amount back to the lenders, and the lenders will give it back to the PPP borrower. Read more about this new round.