The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, has announced that the Paycheck Protection Program (PPP) 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.

This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan….

Source-full article at:  Small Business Administration https://www.sba.gov/article/2021/jan/08/sba-treasury-announce-ppp-re-opening-issue-new-guidance

PLEASE NOTE:  Our NJSBDC at RVCC team of  small business counselors  are available to answer your questions, on this and other Small Business Topics!

To schedule a counseling appointment, (currently being conducted remotely by Zoom or phone), contact our Center at 908-256-1200 ext. 8516 or email your request to:  sbdc@raritanval.edu.

Please note that if you have not counseled or registered for a class at the Center, prior to an appointment you will need to complete a “Request for Counseling” form at the link below. (Make sure to enter ONLY numbers in telephone boxes when completing the form, no punctuation.)

Request for Counseling form link:   https://clients.njsbdc.com/reg.aspx?mode=counsel&center=21005&subloc=0