(KTNV) — Today, U.S. Senator Jacky Rosen (D-NV), a member of the Senate Committee on Small Business and Entrepreneurship, released the following statement announcing that the Paycheck Protection Program (PPP) has re-opened for new borrowers and will soon reopen for certain existing PPP borrowers looking for a second forgivable loan.
To promote access to capital to underserved and underbanked businesses, initially, only minority and small lending institutions will be able to process PPP loan applications. The PPP will open to all participating lenders shortly thereafter, including for second-draw loans for existing borrowers. Additionally, Senator Rosen announced that as a result of her efforts, small gaming businesses will be eligible to participate again. “The Paycheck Protection Program has helped tens of thousands of Nevada small businesses stay afloat during the economic downturn caused by this pandemic,” said Senator Rosen. “My office has been able to help over a thousand small businesses navigate loan options, including PPP, and I am proud to have led the effort to ensure that a second round of this critically important program is available to a wide range of businesses, including those in the gaming industry. I urge all qualifying Nevada small businesses in need to apply and reach out to my office with any questions. I will continue fighting to provide the tools and resources our small business community needs to overcome this difficult time.”
Congress authorized $284 billion for this new round of PPP to provide eligible small businesses forgivable loans for job retention and certain other expenses through March 31.
Under the new 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 certain operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
- Eligible entities now include 501(c)(6) organizations, such as chambers of commerce and direct marketing organizations;
- There is greater flexibility for seasonal employees;
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
Small businesses that are experiencing difficulties navigating federal assistance can send their inquiries and questions to SmallBusiness@Rosen.Senate.gov, and a team of dedicated professionals will respond to provide assistance.