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PPP Borrowing Resumes Jan. 11; 2nd-Draw Loans Available

Jan. 9, 2021, 2:53 AM; Updated: Jan. 9, 2021, 4:59 AM

The Paycheck Protection Program is to reopen Jan. 11 for new and some existing borrowers as part of the expanded pandemic-relief spending package that recently was passed by Congress, the Treasury Department said Jan. 8.

First-time loans would be made available by financial institutions starting Jan. 11 and second-round loans, known as second-draw loans, would be made available from Jan. 13, the department said in a news release with the Small Business Administration, which administers the loan program.

The 2021 Consolidated Appropriations Act (Pub. L. 116-260), which was signed Dec. 27 by President Donald Trump, renewed and expanded the PPP...

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