The US Small Business Administration is restarting the Paycheck Protection Program, which will help millions of Americans employed by small businesses affected by COVID-19.
The program has been updated to be more effective and accessible by the Economic Aid to Hard-Hit Small Businesses, Non-Profits and Venues Act. It will authorize up to $284 billion for job retention and other expenses through March 31, 2021. It will also allow existing PPP borrowers to get another loan.
Key PPP updates include:
“The Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America’s small businesses, supporting more than 51 million jobs,” said Treasury Secretary Steven T. Mnuchin in a press release. “This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19. We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.”