PPP Reopens January 11 - New Guidance

Houston District Office  - January 2021

u s small business administration
PPP


SBA and Treasury Announce
PPP Re-Opens January 11

The U.S. Small Business Administration, in consultation with the Treasury Department, announced today that the Paycheck Protection Program will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.

Key PPP updates include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan. 

READ THE FULL MEDIA RELEASE



STAY IN THE KNOW WITH THESE UPCOMING WEBINARS

3 Month Extension


The New Relief Package:
What YOU Need to Know

Monday, January 11  |  11:30am CST  |  JOIN LIVE
Friday, January 15   |   9:00am CST  |  JOIN LIVE

The SBA Houston District office will provide a preview of what is coming down the pipeline in terms of COVID-19 recovery for small business owners (PPP, EIDL advance, debt relief, etc.). 


Q&A with SBA Leadership

Do you have questions regarding PPP & EIDL? Want to start or grow your business? Are you looking for small business funding? You have questions, we have answers!
Capacity will be limited to 30 attendees.

Question

 Tuesday, January 12   |  9:00am CST  |  JOIN LIVE
Thursday, January 14  |  9:00am CST  |  JOIN LIVE


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Questions? Please contact houston@sba.gov


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