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An application for the Paycheck Protection Program with a reminder note stuck to it.
A new round of federal payroll protection loans is available, thanks to the stimulus bill passed by Congress and signed into law in late December by President Trump.
Here are the details, according to SCORE:
Loans available:
- First time PPP loans for businesses who qualified under the CARES Act but did not get a loan (“first draw” PPP loans);
- Second draw PPP loans for businesses that obtained a PPP loan but need additional funding; and
- Additional funding for businesses that returned their first PPP loan or did not get the full amount for which they qualified.
Eligible entities include small businesses, nonprofits, veterans organizations, Tribal business concerns, and small agricultural cooperatives that meet the SBA size standards.