January 21, 2020 – The SBA has opened the Paycheck Protection Program to all participating lenders. Eligible small businesses can apply for a First or Second Draw PPP loan.
What’s a First Draw PPP Loan and a Second Draw PPP Loan?
In general, a First Draw PPP loan is for eligible borrowers who did not receive a PPP loan before the program closed in August 2020. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts. The maximum amount of a Second Draw PPP loan is $2 million.
Learn more about each, including loan details, how to apply, & who may qualify:
How do I find eligible Paycheck Protection Program lenders?
Use this SBA map toolto find a lender near you.
The Paycheck Protection Program remains open for First and Second Draw PPP loans until March 31, 2021, as set forth in the Economic Aid Act, or until Congressionally-appropriated funding is exhausted.
SBDC Webinar: The Economic Aid Act – Small Businesses, Nonprofits, and Shuttered Venues
The EDC of Macon County partners with the Champaign County EDC to bring you the Small Business Development Center (SBDC). With information rapidly changing, they are committed to providing accurate training, information sharing, and guidance on the different financial assistance options available to small businesses and non-profits in Illinois. This webinar, led by SBDC Director Don Elmore, will cover details about the newest round of economic aid being administered by the SBA for small businesses, including the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) program, and the SBA Debt Relief Program. Following the presentation, there will be an opportunity for Q&A.
Upcoming dates & times:
Friday, January 22, 2021: 10 – 11 AM
Monday, January 25, 2021: 3 – 4 PM
Thursday, January 28, 2021: 10 – 11 AM
Friday, January 29, 2021: 3 – 4 PM
*After registering, you will receive a confirmation email containing information about joining the webinar.
