U.S. Treasury Announces Next Round of PPP Loans

The U.S. Treasury and Small Business Administration (SBA) rolled out a new round of the Paycheck Protection Program (PPP) last week. Businesses will be able to use PPP funding over a period of eight to 24 weeks. This new round is said to be more flexible and clearly defined than the previous round of loans.

Lenders began accepting applications for new PPP loans on January 11. The program started with small lenders accepting applications for new PPP loan borrowers, with larger lenders accepting applications shortly after the launch. Small lenders began accepting applications for second-draw loans on January 13, and larger lenders are expected to take second-draw loan applications shortly.

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