Small businesses can start applying for new PPP loans on Monday

For millions of small businesses still struggling to make ends meet, today's the first day to apply for a new, potentially forgivable federal loan.

The Paycheck Protection Program is re-opening Monday. But initially, it will only be available to businesses applying at community financial institutions. Those are banks and lenders that provide funding for small businesses in underserved communities, many of which had a hard time securing loans during the previous rounds of PPP lending or didn't apply.

The US Treasury and the Small Business Administration said they will open the program to all small businesses soon. While there is no exact date yet, the Consumer Bankers Association said it expects it to happen sometime during the week of January 18.

Jeanne Sahadi | CNN Business

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