News

Payroll Protection Program to provide additional relief for small businesses

The Paycheck Protection Program (PPP) will reopen on Monday, January 11. As part of the COVID-19 relief package signed into law at the end of 2020, $284 billion of funding was allocated to the Small Business Administration (SBA) for the PPP loan program. Starting January 11, community financial institutions will be allowed to make first-draw PPP loans, and second-draw PPP loans will start on January 13. The program will reopen to all participating lenders after that.

Organizations applying for a second draw of loan proceeds must have no more than 300 employees and must have experienced at least a 25% reduction in gross receipts in a quarter between 2019 and 2020. The SBA has published administrative guidance on the program’s restart. If you are interested in a PPP loan, we encourage you to contact your financial institution directly.

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