SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced Friday 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.
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.
For more information on SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares.
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Additional Resources Available Online
Access additional COVID-19 resources for businesses and communities by visiting michiganbusiness.org/covid19. Read more about programs supporting economic recovery for Michigan businesses by visiting michiganbusiness.org/covid19response.
Visit michigan.gov/coronavirus to find other valuable resources for employers, workers, residents and communities.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org
