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SBA and Treasury Announce PPP Re-Opening; Issue New Guidance

NEWS RELEASE

 

PRESS OFFICE                  

 

Release Date: January 8, 2021             Contactpress_office@sba.gov; 202-270-3876

Release Number: 21-02                          Follow us on: Twitter, Facebook, Blogs & Instagram

 

 

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance

WASHINGTON – The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for 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, January 11, and Second Draw PPP Loans on Wednesday, January 13.  The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.

This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

“The historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most,” said SBA Administrator Jovita Carranza.  “Today’s guidance builds on the success of the program and adapts to the changing needs of small business owners by providing targeted relief and a simpler forgiveness process to ensure their path to recovery.”

“The Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America’s small businesses, supporting more than 51 million jobs,” said Treasury Secretary Steven T. Mnuchin.  “This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19.  We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.”

Key PPP updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan. 

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

 

The new guidance released includes:

 

For more information on SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares

 

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

 

 

 

Matt Coleman

Regional Communications Director

U.S. Small Business Administration

Atlantic Region: New York, New Jersey, Puerto Rico & U.S. Virgin Islands

matthew.coleman@sba.gov | @SBAatlantic

 

For detailed information on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus and for information on all federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/coronavirus (en Español).

 

 

 

Kelly LoTempio
Economic Development Specialist/Public Information Officer
Buffalo District Office
U.S. Small Business Administration
(716) 551-3249
kelly.lotempio@sba.gov

 

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Chamber Coffee Hour

Chamber Coffee Hour - 7:30am-8:30am

Our event sponsor is Family First Federal Credit Union and the location for this event is 375 Fairport Road, East Rochester NY 14445

Plan on joining us for our Chamber Coffee Hour and the opportunity to meet other Chamber members. Nicholas Hinks will be our guest speaker and will present "Health Savings Accounts".

Currently, this is an in-person event but is subject to Covid guidelines then in place.

 

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