Round 3 of Paycheck Protection Program for COVID relief kicks off
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The U.S. Small Business Administration has launched the third wave of its Paycheck Protection program (PPP) forgivable-loan initiative. Open to both first time PPP borrowers and to some qualifying borrowers that received loans last year, different rules and different applications apply for “first-draw” and “second-draw” borrowers. Initiated last spring to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis, the program is administered through banks.