Today, Congressman David Scott (GA-13) announced the U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, has reopened the Paycheck Protection Program (PPP) loan portal to provide direct assistance for small businesses impacted by COVID-19.
“As we continue to battle the coronavirus crisis, the PPP loan program will help modernize Georgia’s small businesses and keep millions of Americans on payroll,” said Congressman Scott. “This new round of funding will be a vital lifeline for businesses that are still in need of assistance.”
Companies who received PPP funds in the first two rounds of funding provided for by the CARES Act of 2020 are able to apply for additional loans, provided that they show a 25% reduction in revenues in 2020, compared against 2019 revenues, due to the effects of COVID-19 and that they meet the criteria for eligibility determined by the SBA. To ensure access to PPP loans for minority, underserved, veteran, and women-owned businesses, SBA began accepting loan applications from community financial institutions on Monday, and will broaden access to other lenders later this week.
Included in H.R. 133, the Emergency Coronavirus Relief Act of 2020, passed on December 21, 2020, is H.R. 8620, legislation sponsored by Congressman David Scott to expand PPP loan eligibility. Scott’s bill will expand the eligibility of PPP funds to help small businesses make needed technological improvements.