The Paycheck Protection Program (PPP) Reopened in Full on January 19
On January 19, the program reopened to all lenders, according to the Small Business Administration (SBA).
So far, the portal has been open to Community Development Financial Institutions, minority depository institutions, certified development companies and microloan intermediaries. The agency’s goal was to reach underserved and minority-owned small businesses.
The PPP is reopening after the most recent Covid-19 stimulus package allocated $284.45 billion for the program. The program is similar to last year’s but there are several provisions for this new round of funding, which affect who is eligible and how much borrowers can receive. To access a FAQ, click here.