New Payroll Protection Program rolls out this week
Last updated 1/12/2021 at 2:12pm
With the new $284 billion Congressional appropriation for small business relief, the federal Paycheck Protection Program (PPP) re-opened this week for new borrowers and certain existing PPP borrowers.
To promote widespread community access to capital, initially only community financial institutions were able to make First Draw PPP Loans on Monday, and Second Draw PPP Loans on Wednesday, Jan. 13. The PPP program will open to all participating lenders shortly thereafter.
Eligible lenders of the first two draws of PPP loans are one of four types:
Community Financial Development Institution (C...