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COVID-19

Second Round Of Paycheck Protection Program Loans Opens Up For Central, South Coast Businesses

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Many small businesses on the Central and South Coast are getting ready to apply for Paycheck Protection Program (PPP) Loans, now in their second round.

First-time borrowers will be directed to last year's rules, with eligibility including maintaining less than 500 employees, as well as being able to show a reduction in income due to the coronavirus crisis.

In this round, the limitation will be down from 500 to 300 employees.

The loans available will be what are called 60-40 loans, with 60% of the loan specifically flagged for payroll costs.

The PPP Loans are being implemented thanks to the new coronavirus stimulus bill that passed Congress in late Decemeber.