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On January 13, 2021 by Jeff Bostic
A key part of the December 2020 COVID-19 relief bill is a renewal of the Paycheck Protection Program (PPP), including availability of second draw loans for some organizations that got a PPP loan earlier this year. In January 2021, the Small Business Administration and the Department of Treasury issued rulemaking to implement the second draw loan program. Organizations that received a PPP loan earlier this year are eligible to receive a second forgivable loan of up to $2 million if they meet eligibility criteria. The loan application portal is expected to open this week. As with the first round, eligible organizations can apply through most local or national banks.