The application process for the second draw of the Paycheck Protection Program loans will begin January 13.
If documents were correctly submitted in the first round, there is no need to re-submit a new application.
The PPP loans are eligible for full forgiveness if 60 percent of the money received was spent on payroll costs.
The loans are to be used to cover utility bills, mortgage, worker protection costs from COVID-19, or uninsured vandalism that happened in the past year.
In order to receive the second round of the PPP loan, business owners must have used the full amount of their loan from the first round.
To qualify, applicants must be deemed a small business, make less than $250,000, and have less than 300 employees.
The application deadline for the second round of the PPP loan is March 13.
For more information on eligibility and terms, visit https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.
