SBA opens second round of Paycheck Protection Program
January 20, 2021 - Banks and credit unions around the country on Tuesday began processing applications for a second round of the Paycheck Protection Program, the popular Small Business Administration initiative that has been a lifeline for small- and medium-size businesses affected by the Covid-19 crisis. PPP offers loans of up to $2 million that are forgivable if certain requirements are met, such as using at least 60 percent of the funds to cover payroll costs. Businesses that received first-round PPP funds can apply for a new loan as long as they have fully spent their initial disbursement.