Economics
New Round of Paycheck Protection Program Funds Starts on Monday
- Community lenders get first dibs on $284 billion for loans
- Second-draw loans become available starting Wednesday
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A new round of Paycheck Protection Program money will start becoming available to select lenders and borrowers on Monday, according to senior administration officials.
Community financial institutions -- approximately 10% of eligible lenders -- will be able to start accepting loan applications Monday for entities seeking their first PPP loans. On Wednesday, those same lenders can begin processing second-round loans for small businesses and nonprofits that have already used up their first loan, the officials said on a call with reporters Friday. The lending portal will be available for other eligible lenders and borrowers shortly thereafter.