SBA issues guidance for PPP first-draw loan increases, reapplications

The Small Business Administration has released guidance outlining processes for Paycheck Protection Program borrowers and banks to reapply for a first-draw loan or to apply for an increase to a loan approved by Aug. 8, according to the Journal of Accountancy. Under the Economic Aid Act, the renewed PPP allows borrowers to request an increase to their PPP loans, under certain circumstances. The SBA opens the PPP to all lenders today.