Paycheck Protection Program opens to small lenders today

MORGANTOWN, W.Va. – The most recent round of the Paycheck Protection Program opens to small lenders Friday, January 15 and all lenders Friday, January 19.

Small lenders are defined by the Small Business Administration as lenders with assets of $1 billion or less.

These PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount for approved purposes. Further, businesses must demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of the loans is $2 million.

This round of PPP will focus on businesses and non-profit agencies that did not receive funds during the first release of the program.

There is $284 billion available and applications will be accepted through March 31.

This story will be updated.