The U.S. Small Business Administration is opening the latest round of Paycheck Protection Program loans to all participating lenders on Tuesday, Jan. 19 – an important development for promotional products companies that could benefit from an injection of cash amid the economic challenges of the COVID-19 pandemic.

“A second round of PPP could not have come at a better time, and the SBA is making every effort to ensure small businesses have the emergency financial support they need to continue weathering this time of uncertainty,” said SBA Administrator Jovita Carranza. “SBA has worked expeditiously to ensure our policies and systems are re-launched so that this vital small-business aid helps communities hardest hit by the pandemic.”

The SBA administers PPP loans in consultation with the U.S. Treasury Department. Businesses in need work through SBA-approved lenders to secure the loans. In late December 2020, the federal government approved another round of $284 billion in PPP loans as part of an approximately $900 billion coronavirus relief package.

If your small business needs a little more help in these dark times, help is on the way through more Paycheck Protection Program loans. Here's essentials to know about the new round of #PPP: https://t.co/eqrkJM8HEe @asicentral @Tim_Andrews_ASI @ASI_MBell

— Chris Ruvo (@ChrisR_ASI) January 11, 2021

On the week of Jan. 10, the SBA initially opened PPP to a limited number of lending entities, including Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies and Microloan Intermediaries. The SBA said it granted early access to these entities as part of the agency’s ongoing efforts to reach underserved and minority small businesses.

On Friday, Jan. 15, the SBA expanded access to lenders with $1 billion or less in assets – a total of about 5,000 lenders, including community banks, credit unions and farm credit unions. Tuesday, Jan. 19, marks the rollout of the program to all lenders.

Companies in promo and beyond that received PPP loans last year could apply for a second loan, provided the business has 300 employees or less, has used or will use the full amount of the initial PPP loan for authorized purposes, and can demonstrate at least a 25% reduction in gross receipts in comparable quarters in 2019 and 2020. The maximum amount of a second PPP loan is $2 million.

If you didn’t get a PPP loan the first time around, you can now, provided you meet certain criteria. For a first-time loan, businesses with 500 or fewer employees that are eligible for other SBA 7(a) loans qualify, as do nonprofits, churches, sole proprietors, independent contractors and eligible self-employed people. For more details on PPP eligibility, loan forgiveness and more, check out this article.