January 8, 2021 | ALERT
New Round of PPP Funds Available
On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act) became law. This act reinstated the Paycheck Protection Program (PPP) by (1) making a new round of PPP funds available to first time borrowers and (2) creating a second draw of PPP funds for certain eligible borrowers. On January 6, 2021, the Small Business Administration (SBA) issued two Interim Final Rules (first rule and second rule) detailing regulations for this round of PPP funding. The authorized $806,450,000 in funds for these new PPP loans are available only through March 31, 2021, and again are first-come, first-serve.
Read our full alert on this topic here.
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