{"id":5442,"date":"2021-01-11T20:04:52","date_gmt":"2021-01-12T05:04:52","guid":{"rendered":"https:\/\/www.threadalaska.org\/learn-and-grow\/blog\/sba-and-treasury-announce-ppp-re-opening-issue-new-guidance"},"modified":"2021-01-11T20:04:52","modified_gmt":"2021-01-12T05:04:52","slug":"sba-and-treasury-announce-ppp-re-opening-issue-new-guidance","status":"publish","type":"learn-and-grow-blog","link":"https:\/\/www.threadalaska.org\/learn-and-grow\/blog\/sba-and-treasury-announce-ppp-re-opening-issue-new-guidance","title":{"rendered":"SBA and Treasury Announce PPP Re-Opening; Issue New Guidance"},"content":{"rendered":"\n<p>The&nbsp;<a href=\"http:\/\/www.sba.gov\/\">U.S. Small Business Administration (SBA)<\/a>, in consultation with the U.S. Treasury Department, announced last week that the Paycheck Protection Program (PPP) will re-open on Monday, Jan. 11 for <strong>new borrowers<\/strong> and <strong>certain existing PPP borrowers<\/strong>.<\/p>\n\n\n\n<p>Community financial institutions will be able to make First Draw PPP Loans on Jan. 11, and Second Draw PPP Loans on Wednesday, Jan. 13.&nbsp; The PPP will open to all participating lenders shortly thereafter.<\/p>\n\n\n\n<p>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 and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.<\/p>\n\n\n\n<p><strong>Key PPP Updates<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>PPP borrowers can set their PPP loan\u2019s covered period to be any length between 8 and 24 weeks to best meet their business needs;<\/li><li>PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;<\/li><li>The Program\u2019s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;<\/li><li>The PPP provides greater flexibility for seasonal employees;<\/li><li>Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and<\/li><li>Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.&nbsp;<\/li><\/ul>\n\n\n\n<p>A borrower is generally eligible for a Second Draw PPP Loan if the borrower:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;<\/li><li>Has no more than 300 employees; and<\/li><li>Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.<\/li><\/ul>\n\n\n\n<p>To learn more and to check eligibility, <a href=\"https:\/\/www.sba.gov\/article\/2021\/jan\/08\/sba-treasury-announce-ppp-re-opening-issue-new-guidance\">click here.<\/a><\/p>\n","protected":false},"featured_media":5443,"template":"","lg_tags":[],"news_categories":[],"class_list":["post-5442","learn-and-grow-blog","type-learn-and-grow-blog","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SBA and Treasury Announce PPP Re-Opening; Issue New Guidance - Learn and Grow<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.threadalaska.org\/learn-and-grow\/blog\/sba-and-treasury-announce-ppp-re-opening-issue-new-guidance\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBA and Treasury Announce PPP Re-Opening; Issue New Guidance - Learn and Grow\" \/>\n<meta property=\"og:description\" content=\"The&nbsp;U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced last week that the Paycheck Protection Program (PPP) will re-open on Monday, Jan. 11 for new borrowers and certain existing PPP borrowers. 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