The SBA has released guidance for new PPP loans available under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act).
What are Paycheck Protection Program Loans?
The Paycheck Protection Program (PPP) loan is a type of SBA loan designed to provide funds to help small businesses impacted by COVID-19 to keep their workers on payroll. These loans may be completely forgiven if spent on eligible expenses (mainly payroll) during a specific time period.
Congress approved another $284 billion in funding for these loans in the stimulus bill enacted December 27, 2020.
Business owners will be able to begin applying for these loans starting January 11, 2021.
For more information on how to apply please click the “How to Apply” button below.