The Small Business Administration (SBA), in consultation with the Department of Treasury announced that the Paycheck Protection Program (PPP) re-opened the loan process beginning Monday, January 11 for new borrowers and certain existing PPP borrowers. Additionally, following a call with SBA this afternoon, they shared that more guidance will be released tonight in addition to the application form. Please check https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program for a link to the application when it goes live.
New borrowers will be able to submit their application beginning Monday, January 11, though lender availability is limited. If you have already exhausted your first PPP loan, the loan process for your second draw will be available beginning Wednesday, January 13.
As you are aware, eligibility for a PPP loan now includes all of the following organizations.
- Small businesses
- Tribal businesses
- Self-employed individuals
- Independent contractors
- Sole Proprietorships
- 501(c)(3) nonprofit organizations
- 501(c)(6) organizations (with certain lobbying restrictions applying)
- 501(c) and quasi-governmental DMOs (with certain lobbying restrictions applying)
More information on eligibility considerations and what is covered can be found in US Travel Association's FAQ guide.