The U.S. Small Business Administration (SBA) and Treasury released Jan. 14 procedural guidance that details requirements for the second round of Paycheck Protection Program (PPP2) borrowers to reapply for a loan or request a loan increase.
The procedural notice applies primarily to first-draw PPP loans approved by Aug. 8, 2020, when the program stopped accepting applications.
The guidance does not apply to second-draw PPP loans, which are not eligible for increases or reapplications, or to first-draw loans that already received forgiveness payments from the SBA. For an overview of the policies and procedures, click here.