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Date set for limited PPP reopening

Posted by Admin Posted on Jan 08 2021

Dear Client:

The Paycheck Protection Program (PPP) will reopen Monday for select lenders and borrowers, the U.S. Small Business Administration and Treasury announced Friday.

The SBA and Treasury said in a news release that initially only community financial institutions that serve minority- and women-owned businesses will be able to make loans. Specifically, these community financial institutions can begin making loans to first-time PPP borrowers on Monday and second-time PPP borrowers on Wednesday.

The application window for forgivable PPP loans will open to all lenders “shortly thereafter,” according to the news release, which did not specify a date. The closing date for the new PPP is March 31.

Will keep you updated on these developments