Next Round of Paycheck Protection Program Loans Expected Soon

The next round of Paycheck Protection Program funds is expected to be made available soon, providing a lifeline to small businesses impacted by COVID-19.

Posted: Jan 8, 2021 2:01 PM
Updated: Jan 8, 2021 2:08 PM

The Small Business Administration and the Treasury Department are preparing to relaunch the Paycheck Protection Program (PPP), providing a lifeline for small businesses around the country and the Tri-State.

Funds previously provided by the program helped keep some businesses, like Active Nutrition and Supplements on Vogel Road in Evansville, from having to shut down for good.

"Between everyone, we employ about 32 people - so it was one of those things that really allowed us to not have to lay anyone off, allowed everyone to keep working, and allowed everything to keep going as normal," explained Trevor Baker, Co-Owner/Founder of Active Nutrition and Supplements. 

Businesses that received PPP loans in 2020 will be able to borrow up to $2 million this time around, 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.

After the first round of the PPP got Active Nutrition and Supplement back on its feet, Baker says applying for the next round is still up in the air.

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