The Paycheck Protection Program (PPP) will reopen Monday, January 11, 2021, for first-time borrowers at community financial institutions (CDFIs). Second-time borrowers will be able to apply Wednesday at CDFIs. The Small Business Administration says other lenders will be able to make loans shortly thereafter.
Businesses can apply for a second loan if they used, or will use, the full amount of their first PPP loan, have fewer than 300 employees, and can demonstrate at least a 25% drop in gross receipts in 2020.
Loans in this round – PPP 2.0 – can cover additional expenses beyond those covered in the first PPP. The news expenses include operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
Businesses or self-employed individuals considering a PPP loan should prepare now to apply.
- Download the PPP application: First PPP Draw Borrower Application (Updated 1/8/21) | Second PPP Draw Borrower Application (Released 1/8/21)
- Find a bank that is participating in PPP 2.0 (*note* borrowers are not required to use their lender from the first PPP). SBA’s lender match can be found here.
- Keep up with the latest, check out NFIB’s coronavirus resources on nfib.com and join NFIB’s COVID-19 webinar series.
Updated January 9, 2021