January 12, 2021
Read Time 2 mins
The newly signed Coronavirus Relief Bill includes an additional $284 billion in the Paycheck Protection Program (PPP).
This new PPP—which re-opens this week (January 11-15) for new borrowers and certain existing PPP borrowers—includes key updates to the program.
Community Development Financial Institutions (CDFIs), which are dedicated to expanding economic opportunities to low-income communities, will be able to make first draw PPP loans on Monday, January 11, and second draw PPP loans on Wednesday, January 13. Shortly after that, PPP will open to all participating lenders. If you haven’t already, reach out to your bank or financial institution regarding your PPP application—many have begun collecting applications early so they can be submitted as soon as possible.
Links and Additional Resources:
This page will be updated as the SBA announces any additional clarification of PPP rules or guidelines.
Photo Credit: hapabapa / iStock / Getty Images Plus / Getty Images
By Ashley Kosiak
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