Paycheck Protection Program Reopens Funding

The Small Business Administration’s (SBA’s) Paycheck Protection Program has reopened again with an additional $284 million approved by Congress. Businesses interested in these loans should apply through their lender, whom will help the business make application for these federally guaranteed loans. Funds will only be available through March 31st or sooner should the demand for funds exceed the appropriation. The interest rate will be 1%. Partial loan forgiveness is possible for keeping employees on the payroll. Loans are available for new Paycheck Protection Loan borrowers as well as second time borrowers with some restrictions. For more information, go to Paycheck Protection Program (sba.gov)