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Paycheck Protection Plan Reopened

Rep. Zeldin Details Announcement on January 11th Zoom Call with NY-1 Small Business Advisory Board

PATCHOGUE, NY – RealEstateRama – On Monday, January 11, 2021, Congressman Lee Zeldin (R, NY-1), member of the bipartisan Congressional Coronavirus Task Force and member of the House Financial Services Committee, announced the reopening of the Paycheck Protection Program (PPP) to new and certain existing PPP borrowers. The second round of loan applications is now open for Community Development Financial Institutions and for small lenders. The PPP portal will be opening to all participating lenders on January 19th. Both First and Second Draw borrowers will be required to use at least 60% of their funds to cover payroll expenses over a period of 8 to 24 weeks. Remaining funds can be used for rent, mortgage interest, operations costs, repairing property damage, suppliers, and worker protection.

Eligible applicants that did not receive a PPP loan prior to August 8, 2020, will now have the ability to apply for a PPP First Draw loan on or before March 31, 2021. For more information on this round of loans, and to apply for a PPP loan, visit the SBA website here.

Congressman Zeldin made the announcement during a virtual meeting with his Small Business Advisory Board, consisting of NY-1 business owners and Chambers of Commerce. Also discussed were resources for Long Island businesses, Economic Injury Disaster Loans, and how small businesses can get back to work quickly and safely.