New iteration of SBA Loans now accepting applicants
RAPID CITY, S.D. — The U.S. Small Business Administration says the Paycheck Protection Program has re-opened for small businesses and non-profits, as both continue to experience economic distress due to the pandemic.
The PPP re-opening releases 284 billion dollars, first to businesses that did not get to take part last year. The second draw, which starts on Wednesday, January 13, 2021, will give existing PPP borrowers an opportunity to receive more money. South Dakota’s SBA District Director Jaime Wood says specific criteria will determine eligibility.
“There’s going to be some requirements there. People are going to have to show that they actually had at least a 25 percent decrease in revenue from a quarter, any quarter, inside of 2020 compared to the same quarter back in 2019.”
Interested parties have until March 31 to apply. The SBA aims to increase access to minorities, the underserved, veterans and women.
For more information on local lenders click here or go to http://www.sba.gov/lendermatch.