Expanded Paycheck Protection Program Re-Opens

The U.S. Small Business Administration (SBA) and Treasury Department recently announced the re-opening of the Paycheck Protection Program (PPP). For many months, Wine Institute has advocated for the extension of the program and additional funding to provide greater loan forgiveness. Legislation providing $284 billion in additional funding for the first and second-round loans was signed into law at the end of December. The legislation also made a significant change to ensure that PPP loan forgiveness will no longer be considered a taxable event.

The SBA is now accepting new, first-round loan applications and will begin accepting applications for second-round loans on January 13. More information on the expanded program and how to apply can be found here.