San Francisco Tax Preparation / CPA: SBA, Treasury Announce PPP Re-Opening

Filed in CCH NEWS FEED by on February 1, 2021

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) would re-open during 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 has been released in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The new guidance includes PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns; Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act; and Interim Final Rule on Second Draw PPP Loans.

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