Congressman Jacobs announces reopening of PPP for first, second-time borrowers

Coronavirus

ERIE COUNTY, N.Y. (WIVB)–For first and second-time borrowers, the Paycheck Protection Program has reopened, Congressman Chris Jacobs announced Monday.

“The reopening of this program represents our continued commitment to supporting the hard-working American small business owners and employees who are the backbone of our local communities and economy,” Jacobs said.

The PPP reopened today for first-time borrowers through community financial institutions, Jacobs Office told News 4. The program will open on Wednesday for second-time borrowers.

A borrower is eligible for a second time if they:

  1. Received a first-time loan and has or will use the full amount for authorized uses
  2. Has no more than 300 employees
  3. Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Jacobs also says the most recent COVID-19 package signed into law enacted a provision that ensures expenses paid for with PPP loan funds will be considered tax-deductible.

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