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Storey County News

Posted on: January 8, 2021

PPP Goes Live Next Week

The Treasury Department just announced that just that the Small Business Administration will begin accepting PPP loan applications next week, though it will happen in several stages. 

  • On Monday (January 11), SBA will begin accepting applications for first draw PPP loans from community development financial institutions (CDFI’s) only. 
  • On Wednesday (January 13), SBA will begin accepting applications for second draw PPP loans from CDFI’s only. 
  • The following Wednesday, the program will be opened to all participating lenders. 

In preparation for the reactivation of the program next week, SBA has updated its guidance on PPP including:

Business Loan Program Temporary Changes; Paycheck Protection Program as Amended
by Economic Aid Act

Business Loan Program Temporary Changes; Paycheck Protection Program Second DrawLoans
Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns 

Links to those documents and summaries follow: 

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan

 A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
  • Has no more than 300 employees; and
  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

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