COVID-19 RESOURCE CENTER

Notice: Paycheck Protection Program resumed January 11, 2021 

SBA, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) for First Draw PPP Loans the week of January 11, 2021. SBA began accepting applications for Second Draw PPP Loans on January 13, 2021.

SBA is currently accepting Second Draw PPP loan applications from participating lenders. Lender Match can help connect you with a lender. You can also view all lenders near you on a map.

At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low or moderate income neighborhoods.

To learn more about Paycheck Protection Program, Click here



 

First Draw PPP Loan forgiveness terms

First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained

  • The loan proceeds are spent on payroll costs and other eligible expenses; and

  • At least 60 percent of the proceeds are spent on payroll costs

Second Draw PPP Loan forgiveness terms

Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8 to 24 week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan

  • The loan proceeds are spent on payroll costs and other eligible expenses; and

  • At least 60 percent of the proceeds are spent on payroll costs

To learn more about loan forgiveness. Click here

Coronavirus Tax Relief and Economic Impact Payments

The Internal Revenue Service and the Treasury Department have started delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. 

No action is required by eligible individuals to receive this second payment. The IRS reminds taxpayers that the payments are automatic, and they should not contact their financial institutions or the IRS with payment timing questions.

As with the first round of payments, most recipients will receive these payments by direct deposit. For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.  

To learn more about the program. Click here