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:
- Received a first-time loan and has or will use the full amount for authorized uses
- Has no more than 300 employees
- 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.