With the Paycheck Protection Program (PPP) resuming today, Jan. 11, businesses interested in applying for a second round of forgivable COVID-19 relief should be aware of the eligibility rules and application process. To educate organizations, the National Restaurant Association has put together a seven-page PPP User Manual that details who may apply for a PPP loan, how much relief is available, when applications open for first-time and second-time borrowers, and how businesses can maximize their loan forgiveness.
Notably, applications for first draw PPP loans begin today, while businesses that previously received a PPP loan may apply for a second draw starting Wednesday, Jan. 13. All loans will be handled by community financial institutions and the PPP is expected to open to participating lenders later this week.
To view the full NRA guide to PPP loans, please visit this page.