As we reported last month, Congress has passed the second COVID-19 relief package called the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. The most pertinent components of the Act for small business owners relate to the extension of the Payroll Protection Program (PPP) and the opportunity for a "second draw" loan.

According to the Small Business Association (SBA), lenders will start accepting applications for "second draw" PPP loans starting today (1/11/2021). Funding is expected to run out, so if you want to apply we recommend doing so as soon as possible.

In order to participate in the PPP program you must apply through a Small Business Administration (SBA) qualified lender. You can find SBA lenders in your area here: https://www.sba.gov/document/support-paycheck-protection-program-participating-lenders

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