Answers to PPP Loan FAQs (Now That There's Fresh Funding for the Loans)

Small business owners are getting another crack at Paycheck Protection Program loans. Here are answers to some frequently asked questions about the loans.

(Image credit: Getty Images)

The Paycheck Protection Program (PPP), which was created by the Coronavirus, Aid, Relief, and Economic Security (CARES) Act, ran out of its initial funding of roughly $349 billion just a few days after the program launched on April 3. Last week, Congress approved another $310 billion for PPP loans.

The fresh funding means many small-business owners will have a second chance at getting a PPP loan that could help them keep their companies afloat. Businesses will be able to apply for PPP loans again starting on April 27.

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Rodrigo Sermeño
, The Kiplinger Letter

Rodrigo Sermeño covers the financial services, housing, small business, and cryptocurrency industries for The Kiplinger Letter. Before joining Kiplinger in 2014, he worked for several think tanks and non-profit organizations in Washington, D.C., including the New America Foundation, the Streit Council, and the Arca Foundation. Rodrigo graduated from George Mason University with a bachelor's degree in international affairs. He also holds a master's in public policy from George Mason University's Schar School of Policy and Government.