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SBA reviving Paycheck Protection Program for small businesses

Millions of business owners are about to get additional help weathering the coronavirus outbreak.

Posted: Jan 8, 2021 9:36 AM
Updated: Jan 8, 2021 10:57 AM

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.

New York Coronavirus Cases

County data is updated nightly.

Cases: 1228867

Reported Deaths: 40806
CountyCasesDeaths
Queens1534247815
Kings1503768020
Suffolk1243842560
Nassau1113932529
Bronx1027395252
Westchester829331780
New York736343424
Erie507161350
Richmond437851367
Monroe43226742
Rockland31346806
Orange28168642
Onondaga26954520
Oneida16342335
Dutchess16115298
Albany15771251
Niagara11664235
Broome10743249
Saratoga883978
Schenectady8347118
Ulster7448186
Rensselaer6596101
Putnam629472
Chemung5479107
Chautauqua535054
Oswego476262
Ontario459279
Steuben4496130
Cayuga426769
Sullivan375148
Wayne356850
Genesee356696
Herkimer348548
St. Lawrence343756
Cattaraugus330860
Madison304775
Jefferson303121
Livingston260537
Cortland258753
Tompkins257222
Columbia234467
Allegany231375
Tioga214554
Montgomery212372
Wyoming207541
Clinton204016
Fulton199947
Warren198237
Greene196455
Orleans188268
Chenango168039
Otsego160021
Washington142421
Lewis141922
Seneca117745
Franklin10869
Delaware98316
Essex95216
Schoharie8735
Yates78316
Schuyler69910
Hamilton1451
Unassigned3992
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