Last week, the Small Business Administration (SBA) and Treasury released their official guidance on how the second round of PPP will work.
SBA announced the reopening of PPP the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions are be able to make First Draw PPP Loans starting on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.
We encourage you to refer to the National Restaurant Association's PPP Policy Update/User Manual for a distilled version of the new PPP guidance and to work directly with your lender and accountant as each operation will likely have unique and specific nuances that fit their individual situation.