The Paycheck Protection Program has reopened for businesses that missed the last round of funding.

Only community banks and other financial institutions can make 1st and 2nd Draw PPP loans now.

All participating lenders will be able to access the program shortly after.

The US Small Business Administration is prioritizing support for employees of small businesses with $284 billion allocated to job retention, property damage, operating and supplier costs and worker protection through March 31.

Borrowers may be eligible for a 2nd Draw loan if they received a 1st Draw loan and applied the money to eligible uses, have fewer than 300 employees and can demonstrate at least a 25% drop in gross revenues compared 2019 and 2020.

“The Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees,” SBA Administrator Jovita Carranza said. Borrowers can set the loan’s covered period to any length from 8 to 24 weeks in the program.