Last week, the Small Business Administration (SBA) and the US Department of the Treasury announced that the Paycheck Protection Program will reopen next Tuesday, January 19, 2021 to all lenders. The SBA this week began opening the program in phases so as to better reach underserved and minority-owned small businesses with community financial institutions, minority depository institutions, certified development companies and microloan intermediaries having priority access the $284 billion COVID-19 relief program. Part of the latest $900 billion COVID stimulus bill signed by the President just before the New Year, the law made a number significant changes to the program that will prove beneficial. Businesses will be able to access the PPP for a second draw of funding provided they have exhausted the previous forgivable loan, employ 300 or fewer workers per location and can demonstrate a 25 percent revenue loss during at least one quarter of 2020 compared to the same period of 2019. Eligible businesses can generally apply for amounts up to 2.5 times their monthly payroll expenses, however food service and hospitality businesses may be eligible for 3.5 times monthly payroll expenses with the total loan amount capped at $2 million. In addition, as we advised last week, this latest stimulus law also made favorable changes to the Employee Retention Tax Credit (ERTC), which subscribers may wish to further pursue.