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The U.S. Senate and House of Representatives, on December 21, 2020, approved H.R. 133, referred to as the “Consolidated Appropriations Act, 2021.” This advances to the president legislation to provide appropriations for 2021 and changes to the Paycheck Protection Program (PPP) administered by the U.S. Small Business Administration (SBA). The portions of the legislation providing for the continuation of PPP loans (entitled the “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act”) has been framed as a major element of Congressional efforts to provide economic relief in the wake of the COVID-19 pandemic. The legislation gives new life to the PPP by extending the program, which had previously expired on August 8, 2020, and creating an option for a “second draw” for PPP borrowers. In addition, the legislation introduces changes to PPP loans that will impact both new and existing PPP borrowers. Any business with an existing PPP loan or that is considering applying for this new wave of PPP loans should pay attention to this legislation and the new guidance that should be coming from the SBA over the next few weeks, as it changes the rules yet again.