Claremont: Paycheck Protection Program Has Relaunched

Press release from the La Verne Chamber of Commerce:

January 08, 2021

The SBA has relaunched the Paycheck Protection Program (PPP) for new borrowers and certain existing PPP borrowers. Community development financial institutions (CDFIs) are now able to make PPP loans for new borrowers. This is an effort to make PPP more accessible to those who were left behind by the first round of loans.
Key updates include:

• PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
• PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
• The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
• The PPP provides greater flexibility for seasonal employees;
• Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
• Certain existing PPP borrowers will be eligible to apply for a Second Draw PPP Loan beginning January 13.

SBA COVID19 Economic Injury Disaster Loan Application

Paycheck Protection Program

Small Business Development Center

• Sean Snider Director
• January 08, 2021
• (909) 448-1567
• Send Email

This press release was produced by the La Verne Chamber of Commerce. The views expressed are the author's own.