We remain diligent in our efforts to provide you with the latest updates on COVID-19 recovery resources. Today, the U.S. Small Business Administration (SBA) announced their Paycheck Protection Program (PPP) loan initiative will reopen for certain new and existing borrowers. Initially, only Community Development Financial Institutions (CDFIs) will be able to make loans for first draw candidates starting January 11, 2021, and second draw candidates starting January 13, 2021. Shortly thereafter, the program will open to all participating lenders. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021. For more information, please find the SBA’s press release here.
New loan applicants should work through CDFIs. To locate one near you, use this CDFI Finder. You can also work with other SBA accredited (7a) lenders. Find one using the SBA lender match link.
Existing PPP loan recipients should work with their current lender to apply for loan forgiveness. Please see the below application documents for more information:
Also, be sure to check our website for updates on COVID-19 resources and stay tuned as we announce upcoming small business webinars and initiatives for 2021. We hope you will continue to remain healthy, safe and #TexasBizStrong!
-Governor's Economic Development & Tourism Office