PPP reopens Monday.

The Paycheck Protection Program will reopen Jan. 11 for any borrowers that missed the last round of funding and certain existing borrowers.

Only community financial institutions can make First Draw PPP Loans on Monday and Second Draw PPP Loans on Jan. 13 to allow for greater access to capital for their lending partners, according to a news release. All participating lenders will be able to access the program shortly after.

With this round of PPP, the U.S. Small Business Administration is prioritizing support for employees of small businesses through $284 billion in funding allocated toward job retention, property damage costs, operations expenditures, supplier costs and worker protection through March 31, 2021.

Borrowers may be eligible for a Second Draw PPP Loan if the company has received a First Draw PPP Loan and has allocated all funding toward eligible uses, has fewer than 300 employees and can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020, according to the release.

"The historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most," SBA Administrator Jovita Carranza said in the release. "Today's guidance builds on the success of the program and adapts to the...

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