Earlier this month, the U.S. Small Business Administration, in conjunction with the Department of Treasury, issued new guidance related to the expansion and extension of the Paycheck Protection Program (PPP). This aid renewal is in accordance of the $900 billion COVID-19 relief package passed by Congress in December of last year.
Eligible small businesses who were able to obtain the first round of PPP loans can apply for this additional round. Additionally, most small business who received a loan in the first round can qualify to receive a second loan under the recent aid package.
The deadline to apply for first-time and second draw loans for all eligible businesses is March 31.
Read more about this program and the new requirements here.