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More coronavirus relief on the way for small businesses

paycheck protection ppp

NEW YORK (AP) — Millions of business owners are about to get additional help weathering the coronavirus outbreak.

The Small Business Administration and the Treasury Department are reviving the Paycheck Protection Program five months after its first two rounds of funding ended.

Businesses that received loans last year will be able to borrow up to $2 million as long as they have no more than 300 employees and suffered at least a 25% drop in quarterly revenue.

First-time borrowers with no more than 500 workers will be able to borrow up to $10 million.

The loans, which can be forgiven, will have five-year terms and carry an interest rate of 1%.

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Associated Press

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