Initial opportunity will be given to first-time borrowers.
Last month, Congress authorized $284 billion to provide forgivable loans to small businesses as part of its broader $900 billion coronavirus relief bill.
The Paycheck Protection Program, or PPP, will reopen on Monday. It will initially be available to first-time borrowers, with second-time borrowers eligible to apply on Wednesday.
The new iteration of PPP is smaller than the original, which handed out $525 billion between April and August, and it will also be more narrowly focused on smaller businesses that can demonstrate need.
As the Lord Leads, Pray with Us…
- With thanksgiving for the reopening of the program that provides for small businesses that have been hard-hit by the coronavirus.
- For Congress as they consider adding to the recently delivered stimulus for individual Americans.
- That the Treasury Department and Federal Reserve are able to accurately evaluate the national debt for Congress to address.
Sources: Wall Street Journal, The Hill
