Press Conference Today: Governor Hogan will hold a press conference today at 11:00 am to make a major announcement regarding COVID-19 economic relief. Watch on Twitter, Facebook, or YouTube.
SBA and Treasury Announce PPP Re-Opening; Issue New Guidance:
The Paycheck Protection Program (PPP) will re-open this week for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining program changes to enhance its effectiveness and accessibility was released on January 6th, in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
- PPP borrowers can set their loan’s covered period to be any length between 8 and 24 weeks.
- PPP loans will cover additional expenses, including operations, property damage, supplier costs, and worker protection expenditures;
- The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, and 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 are now eligible to apply for a Second Draw PPP Loan.