NOTTINGHAM, MD—On Monday, SBA lenders will begin taking applications again for the second round of funding for the Paycheck Protection Program.
Baltimore County officials say funding will be very limited so business owners should be prepared to submit their applications first thing on Monday morning.
The first round of PPP funding was exhausted in less than two week. This second round of funding is expected to go even more quickly since there are already businesses with applications in the queue.
The Paycheck Protection Program 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.
The Small Business Administration will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, at 10:30 a.m. EDT.
Click here for a list of PPP Frequently Asked Questions on the Baltimore County Government website.
For a complete list of SBA lenders in Maryland, click here.