COVID Relief Update: New PPP Applications Released by SBA
This week, eligible small businesses can begin applying for new PPP loans funded by the Consolidated Appropriations Act, the COVID relief package signed into law last month.
Beginning Monday, January 11, companies eligible for “first draw” PPP loans – that is, those who qualified under the original CARES Act but did not receive a loan – can apply for a loan with a community financial institution. The SBA has provided a detailed overview, which can be downloaded here.
Then, starting Wednesday, January 13, companies who have already received a PPP loan and are now seeking additional funding through the program may apply for “second draw” PPP loans. The SBA overview can be downloaded here.
It’s important to note that initially, applications for both first and second draw loans must be made with community financial institutions. The program will open to all participating lenders in the near future; in fact, we’ve heard that some banks are already accepting applications pending the go-ahead from the SBA. Regardless, applications will be accepted through the end of March or until funds are exhausted, whichever comes first.
Direct links to the application forms on the Treasury Department website are included below. If you have any questions about the process or any aspect of the PPP program as it relates to your business, please don’t hesitate to call your Weiss tax professional. That’s why we’re here.
For timely updates and advice about pandemic-related developments, visit the COVID-19 News and Information Center on our website.
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