The Treasury Department and the Small Business Administration have jointly announced that applications for the Paycheck Protection Program (PPP) will resume this Monday, April 27, at 10:30 a.m. President Trump yesterday signed legislation for a second round of funding after the first quickly expired.
The heads of the SBA and Treasury said in the joint statement, “We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. All eligible borrowers who need these funds should work with an approved lender to apply. Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan.”
As NMP previously reported
, the latest stimulus legislation provides approximately $320 billion in additional funding for the PPP, including $60 billion for community banks and smaller lenders. With this new round of funding, more than $670 billion will have been injected into the U.S. economy to combat the effects of COVID-19 on the nation.
The PPP was created as part of the more than $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act
, which converts the small business loans to grants and would be fully forgiven if 75 percent of the loan is used to keep employees on the payroll. The PPP’s funding was depleted in early April, as Congress pushed this latest stimulus package to further aid small businesses and inject some much needed help into a down economy.