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Lowcountry businesses are hoping to get approved for a second round of Paycheck Protection Program relief loans after the loan portal reopened this week.

To embed, copy and paste the code into your website or blog: The President signed new stimulus legislation into law on December 27, 2020.  The new law, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260 (“Economic Aid Act”), authorizes new and additional PPP loans and modifies the CARES Act for this purpose. The Economic Aid Act authorizes funds of $284.5 billion for PPP loans, and which includes $35 billion for first-time borrowers.  The United States Small Business Administration (SBA) and the United States Treasury also issued new guidance interp...

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, have reopened the Paycheck Protection Program (PPP) for new borrowers and certain existing PPP borrowers. The PPP will open to all participating lenders shortly thereafter.

Understanding the new guidance in this most recent round of funding.

Another round of the Payroll Protection Program opened Monday for new borrowers and “certain existing PPP borrowers.” Many businesses around the country including here in Lubbock plan on taking advantage of it so they can continue to pay their employees.