SECOND DRAW PPP - WHAT'S NEW
Written By: Earl Gregorich, CBA
Area Manager & Business Consultant,
Greenville Area Small Business Development Center
On January 11, 2021, the SBA and the U.S. Treasury Department reopened the Paycheck Protection Program (PPP) for First Draw PPP loans. Second Draw PPP Loans were made available on January 13, 2021. Interested borrowers can apply for both PPP loans through participating lenders but, you may want to check into the details first.
It is recommended you work with your local SC Small Business Development Center and your business banking professional. The SBA.gov website has a Lender Match tool and a lender mapping tool if you need help finding a lender.
As part of the second draw, there is a $25 billion set-aside for borrowers who meet specific criteria like, having a maximum of 10 employees and need a loans of $250,000 or less. Borrowers considered for the set aside program must also be located in low or moderate income neighborhoods.