Dear Friend,

As many of you know, 11,000 small businesses and 83,000 jobs were saved thanks to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) in our district alone.

But sadly, $138 billion in already-passed PPP loans sat unused in Washington for months while many small businesses were forced to close their doors for good. After trying upwards of 30 times to release these funds and reauthorize this small business saving program, I’m happy to report the PPP is finally reopen for business.

Starting January 11, PPP reopened for first-time borrowers and January 13 for second-time borrowers that apply with community financial institutions. As of Friday, January 15, 2021, all lenders with $1 billion or less in assets are allowed to submit applications for First and Second Draw PPP loans. The PPP reopened to all lenders, no matter their size, on Tuesday, January 19, 2021.

Here’s information you may need in case you’re a business owner who would like to apply or reapply:

PPP loans are designed to provide a direct incentive for small businesses to keep their workers on the payroll and their doors open during this pandemic.

These loans are forgivable if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Good news! Expenses made during the covered period can now receive a deduction. Here is Internal Revenue Service (IRS) guidance that outlines the change as described in law.

To find a lender near you, click here.

If you are an existing PPP borrower, you may apply for a second loan but must have 300 or fewer employees and can demonstrate you experienced a 25% reduction in gross receipts during a quarter in 2020 compared with the same quarter in 2019.

Returning borrowers must have used or will use the “full amount of the initial PPP loan for authorized purposes on or before the expected date of disbursement” of the second loan, according to the Small Business Administration and Treasury Department’s interim program rules.

To apply for the first time, click here.

To apply for the second time, click here.

As always, please feel free to reach out to my offices in Florida or Washington, D.C. if my team or I can ever be of service.

In Service,

Michael Waltz