The Paycheck Protection Program (PPP) will Reopen Monday

Round 2 of PPP loans will become available on Monday, January 11, 2021, for first-time borrowers. For second-time borrowers, Round 2 of PPP loans will become available on Wednesday, January 13, 2021. The program will run through March 31, 2021. 

Here is a good summary provided in the Journal of Accountancy’s recent post, “Date set for limited PPP reopening“:

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.

Read the Journal of Accountancy’s full article here: “Date set for limited PPP reopening“.

If you have any questions, you should reach out to your Jones & Roth Tax and Business Advisor.