Paycheck Protection Program reopening
The National Lumber and Building Material Dealers Association (NLBMDA) reported that the Small Business Administration (SBA) and Treasury Department are reopening the Paycheck Protection Program (PPP) the week of Jan. 11.
The program is being reopened to new borrowers and certain existing PPP borrowers.
To promote access to capital, initially, only community financial institutions will be able to make “First Draw” PPP Loans on Monday, Jan. 11 and “Second Draw” PPP Loans on Jan. 13.
The PPP will open to all participating lenders shortly thereafter.
The Small Business Administration (SBA), in conjunction with the Treasury Department, has issued the first round of updated guidance on the Paycheck Protection Program (PPP) in light of the passage of the new COVID-19 relief law.
Additional details and updated PPP guidance from the SBA can be found here.