Hometown Insurance & Financial Services

Small businesses could receive a bolster to their finances as the Small Business Administration (SBA) and U.S. Department of the Treasury have reopened the  Paycheck Protection Program (PPP).

To enable this, $284 billion was included as part of COVID-19 relief legislation that President Trump signed into law in December.

Community financial institutions have first access with first draw PPP loans starting January 11, 2021, and second draw on January 13; to ensure minority owned businesses, and businesses in distressed areas can receive funding.

Money for U.S. small businesses

PPP loans will open to all participating lenders soon after the above dates.

Applications are available from the SBA at these links:

You can read more on the bipartisan COVID-19 relief package here, and additional info on the SBA and Treasury restart of the PPP for small businesses at this link.

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