WASHINGTON — The U.S. Small Business Administration announced Monday that the Paycheck Protection Program (PPP) will reopen this week.
It reopens Monday for new borrowers and Wednesday for second draw borrowers, a news release said.
Companies interested in applying for a new PPP loan are urged to quickly consult with their financial institution or tax adviser.
Key updates to this round of funding include:
- Borrowers can set their loan-covered period to be any length between eight and 24 weeks to best meet their needs
- Loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs and worker protection expenditures
- Eligibility is expanded to include 501(c)(6)s, housing cooperatives and direct marketing organizations, among other types of organizations
- Greater flexibility for seasonal employees
- Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount
- Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan
More information can be found here.