The Paycheck Protection Program (PPP) reopened on Monday (Jan. 11) for select borrowers and lenders, according to the Small Business Administration and Treasury. Loan applications are being accepted for both first time PPP borrowers and second time borrowers.
Borrowers can set their PPP loan’s covered period to be any length between eight and 24 weeks. To be eligible for full loan forgiveness, borrowers will have to spend no less than 60% of their PPP loan funds on payroll over the covered period. Previously, PPP borrowers had to choose an eight-week covered period or a 24-week covered period.
PPP loans cover additional expenses eligible for loan forgiveness, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
The program’s eligibility is expanded to include 501©(6) organizations, housing cooperatives and direct marketing organizations.
For more information, including links to the application forms, go to (https://www.sba.gov/funding-pro grams/loans/corona virus-relief-options/paycheck-protection-pro gram#section-header-0)