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PPP Round 2: What your small small business need to do right now!

The $900 billion stimulus relief bill contains $284 billion for a second round of loans to small businesses under the federal government’s Paycheck Protection Program. The SBA has issued rules for the second round. It opens next week, are you ready? The loans will be made through SBA‑approved lenders and guaranteed by the SBA. So businesses must apply to those lenders by filling out the application forms provided by the bank. It’s a good idea for applicants to check first with banks they already have relationships with to see if they will be making PPP loans. The program will end on March 31, 2021, or earlier if the money runs out like it initially did during the program’s first round. So businesses should apply as soon as possible.

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