The $900 billion pandemic relief package included relief for Small Businesses. The updated programs are intended to make it easier for small business owners to apply and gain funds.
The Small Business Administration (“SBA”) approved $5 billion in new Paycheck Protection Program (“PPP”) loans on January 19 and expanded the network of lenders who can make the loans. At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low or moderate income neighborhoods. More info is available on the SBA Website here.