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New Round of Paycheck Protection Program Funds Starts on Monday

Jan. 8, 2021, 3:50 PM

A new round of Paycheck Protection Program money will start becoming available to select lenders and borrowers on Monday, according to senior administration officials.

Community financial institutions -- approximately 10% of eligible lenders -- will be able to start accepting loan applications Monday for entities seeking their first PPP loans. On Wednesday, those same lenders can begin processing second-round loans for small businesses and nonprofits that have already used up their first loan, the officials said on a call with reporters Friday. The lending portal will be available for other eligible lenders and borrowers shortly thereafter.

Businesses might have to ...

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