LINCOLN, Neb. (KOLN) – The US Small Business Administration announced Friday that the Paycheck Protection Program will reopen the week of January 11. Mayor Leirion Gaylor Baird urges Lincoln small businesses to act quickly to access support.
“I am delighted that Lincoln businesses have the opportunity to access additional PPP loans starting next week.” Gaylor Baird said. “Significant improvements to the program include expanding eligibility to other organizations, access to a second PPP loan for eligible businesses, and loan eligibility for additional expenses. This is good news for Lincoln businesses and our local economy.
P3 loans are low-interest loans designed for small businesses to keep their employees on the payroll. The Small Business Administration will cancel loans if all employee retention criteria are met and funds are used for qualifying purposes.
The SBA will accept PPP loan applications for the first two days only from community financial institutions. PPP loans will be open to all participating lenders shortly thereafter. In total, $ 284 billion will be available until March 31, 2021.
Eligibility has been expanded to include member organizations such as housing co-ops. Additional expenses are also covered, including operating expenses, property damage costs, supplier costs, and worker protection expenses.
Companies eligible for a second PPP loan are those that have used or will have used their entire previously allocated amount, have no more than 300 employees and can demonstrate a reduction of at least 25% in gross revenue between quarters comparable in 2019 and 2020.
For more information on SBA Small Business Assistance, visit https://www.sba.gov/article/2021/jan/08/sba-treasury-announce-ppp-re-opening-issue-new-guidance.
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