Christmas came early for American small businesses and nonprofits with the announcement that Congress has reached a deal on a second stimulus package. Along with exciting measures including a second stimulus check for most Americans and an extension of bolstered unemployment benefits, the stimulus includes a revitalization of the massively popular Paycheck Protection Program (PPP).
What We Can Expect From PPP in January 2021
Just like last time, you can trust us to let you know what we know as soon as we know it. Here’s what we know about the revitalized program so far:
- It includes $284 billion for PPP loans.
- Borrowers can apply for a first or second loan, making the program available to borrowers who previously received a PPP loan.
- It includes expanded eligibility for nonprofits, local newspapers, and TV/radio broadcasters.
- It includes modifications to help PPP service the smallest, most vulnerable businesses and nonprofits, including independent restaurants.
- It’s designed to better support live venues, independent movie theaters, and cultural institutions, with $15 billion earmarked for these organizations.
- The popular Economic Injury Disaster Loan (EIDL) grants will receive $20 billion in funding.
When We Expect PPP to Return
PPP may return as early as January 2021. Lendio is currently accepting applications. Completed applications will be submitted to lenders when the program resumes.
Resources That Can Help
During the last round, we created robust content on our website to help you navigate PPP and other pandemic-related resources. You can use these pages as a reference for how PPP worked during the previous round. As we receive guidance on the 2021 round of PPP, these pages will be updated to reflect current guidelines.
- SBA Paycheck Protection Program (PPP)
- How to Apply for a PPP Loan (expect updates when new guidance is released)
- PPP Loan Forgiveness
- PPP Loan Forgiveness Estimator
- Pandemic-Related Business Resources: A section of our blog dedicated to helping small business navigate a wide swath of pandemic-related challenges
Owning a business starts with something you believe in. At Lendio, we believe in you. We’ve made it our mission to fuel the American Dream since we started in 2011. We’re here to help you protect your dream, whatever the pandemic throws our way.