Federal Spotlight: New Opportunity to Apply for Paycheck Protection Program

January 21, 2021

The Paycheck Protection Program (PPP) has reopened and is now available for applicants to apply for forgivable loans. PPP, which was originally created under the CARES Act last March, was replenished with funds of $284 billion as a part of the latest COVID-19 package, which was signed into law late last year. One of the key changes the new law makes is allowing businesses to apply for a second loan if they can show losses of 25% or higher in 2020 over their 2019 revenue. It also makes it easier for minority- and women-owned businesses to receive loans. The $900 billion law appropriates $20 billion for grants through the Economic Injury Disaster Loan program under the Small Business Administration (SBA) as well. You can visit the SBA website for more information on applying for a loan.