The Small Business Administration (SBA) and Treasury have released their official guidance on how the second round of PPP will work.
As a reminder, application timing: the PPP reopened on Monday, January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially, only community financial institutions were able to make First Draw PPP Loans on January 11 and Second Draw PPP Loans on January 13, 2021. The PPP will open to all participating lenders shortly thereafter. There are also targeted “set aside” funds for categories such as new and smaller borrowers, borrowers in low- and moderate-income communities, and for community and smaller lenders.