As we enter 2021, the U.S. still facing an economic recession and massive unemployment as a result of the continuing COVID-19 pandemic. That means relief packages we were introduced to in 2020 will continue, too.
That includes one program that was widely used: The U.S. Small Business Administration (SBA) said Friday that it will reopen the Paycheck Protection Program (PPP) on Monday, Jan. 11, for businesses to apply for a second draw. That means businesses that got a loan last year can get a second draw in 2021.
This comes a couple of weeks after Congress passed a new $900 billion relief bill that included $284 billion to restart PPP. It included some new provisions, and that’s reflected in the rollout.
