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Paycheck Protection Program (PPP) has now been reopened

Please be advised that the Small Business Administration (SBA) Paycheck Protection Program (PPP) has now been reopened. As you will recall from my previous email, Congress replenished funding for the program last week. Information about the program is available here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.

The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. 

To apply for PPP, you will apply directly with your lender.  You can download/view the list of SBA lenders here: https://www.sba.gov/document/support--paycheck-protection-program-participating-lenders. Additionally, you can reach out to the New Jersey Small Business Development Center (SBDC) in your area for one-on-one counseling and guidance on locating lenders that may fit your small business needs: https://njsbdc.com/.

Please continue to visit booker.senate.gov/coronavirus  and covid19.nj.gov/ for the latest updates.