The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. SBA is currently offering:
- First Draw PPP Loans for first time program participants
- Second Draw PPP Loans for certain businesses who have previously received a PPP loan
The closing date for the new PPP is May 31, 2021.
Congress revived the PPP as part of the $900 billion COVID-19 relief bill that was signed into law on December 27, 2020. The original PPP provided $525 billion in forgivable loans over five months before it stopped accepting applications in August.