NEW YORK (AP) - Millions of business owners are about to get additional help weathering the coronavirus outbreak. The program will re-open the week of Jan. 11.

The Small Business Administration and the Treasury Department are reviving the Paycheck Protection Program five months after its first two rounds of funding ended.

Businesses that received loans last year will be able to borrow up to $2 million as long as they have no more than 300 employees and suffered at least a 25% drop in quarterly revenue.

First-time borrowers with no more than 500 workers will be able to borrow up to $10 million. The loans, which can be forgiven, will have five-year terms and carry an interest rate of 1%.

Key PPP updates include:

• PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
• PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
• The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
• The PPP provides greater flexibility for seasonal employees;
• Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
• Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.