WASHINGTON, D.C. — The Paycheck Protection Program (PPP) will fully reopen Tuesday, January 19 with qualifying hard-hit small businesses eligible to receive a second forgivable loan.
An additional $284.45 billion was secured in the newest COVID-19 relief package to extend and expand the Paycheck Protection Program.
Small businesses that employ 300 or fewer people and that experienced a 25 percent or greater gross revenue loss between comparable periods in 2019 and 2020 due to COVID-19 are eligible to apply for a second PPP loan.
In addition, forgivable overhead expenses are expanded to include supplier costs and investments in facility modifications and personal protective equipment needed to operate safely.
In recognition of the severe impact that COVID-19 mitigation measures have had on the hospitality sector, in particular, the formula used to calculate the maximum forgivable loan amounts for second draw loans is enhanced for restaurants and hotels to equal 3.5-times average monthly payroll.
Further, small business owners that did not receive a PPP loan in the first round are also eligible to apply.
Since the program began accepting applications in April 2020, more than 28,000 Maine small businesses and self-employed individuals have received nearly $2.3 billion in forgivable loans, helping to support more than 250,000 jobs throughout the state, according to the Office of Senator Susan Collins.
Additional guidance from the Small Business Administration can be found here: