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The Paycheck Protection Program (PPP) has officially reopened. As of Monday, January 11th,2021, first-time PPP borrowers were eligible to apply for the new round of PPP loans. Second-time PPP borrowers are eligible to apply as of Wednesday, January 13th, 2021.
The latest press release from the Small Business Administration (SBA) and the Treasury Department, states that “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.”
In order to get your piece of the PPP pie while there’s still time, we’ve prepared the following checklist with useful steps to take now:
1. Gather These Important Documents
2. Verify That Your Business Is Eligible
You are eligible for a Second Draw PPP Loan if:
You are eligible for a First-Time PPP Loan if:
3. Be Aware of Key Loan Forgiveness Changes
*SBG Funding is not a processor or lender for PPP loans. SBG Funding offers advisory services on a suite of commercial financing products and works with agents who specialize in helping small business owners looking to apply for PPP Loans. As part of our service, we are happy to refer you to these agents and help guide you through the process at no charge. You are not required to change your banking relationship to apply either! PPP inquires made to SBG do not guarantee you will receive a PPP loan or be matched to a lender. We will be consulting on all relief options available until all allocated funds have been exhausted.
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