Contributing authors: Diana Kim, Kaitlyn M. Baietto
Certain provisions of the Coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified or added.
On December 27, 2020, a new relief bill was passed into law intended to provide much-needed economic support to assist businesses in making it through this winter. The bill, known as the “Consolidated Appropriations Act, 2021” (Act), allocates over $284 billion in funding to the Small Business Administration (SBA)‒Business Loans Program Account, which covers several relief programs. One of the programs is the Paycheck Protection Program (PPP), which was first introduced under the CARES Act