Was your nonprofit approved for a Paycheck Protection Program (“PPP”) loan in 2020? The Small Business Administration has provided guidance regarding reapplication or requests for increases for First Draw PPP Loans approved on or before August 8, 2020. Lenders may approve increases on First Draw PPP Loans starting on January 25, 2021. Read this article to learn more about the three potential scenarios where a PPP borrower may request additional First Draw loan funds and how each one must be handled.
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Pro Bono Partnership of Atlanta