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Congress restarted the popular Paycheck Protection Program in the latest round of coronavirus aid legislation passed late last December, and many local banks are preparing for their next round of applicants.
The program was first established with the CARES Act in March 2020, and ultimately made up to $522 billion in forgivable loans available, to be distributed to small and medium-sized businesses nationwide. The loans were to be used to cover payroll costs and a limited set of other business-related costs during the economic downturn caused by the coronavirus pandemic.
Banking institutions including commercial banks, private lenders and credit unions are the actual lenders for PPP loans, which are then guaranteed by the Small Business Administration. Lenders are either permitted to collect on the loans they distributed according to SBA guidelines, or the SBA pays the lenders for the full amount they disbursed in the event that the loan is forgiven. Applications for the fi ....

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