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American Rescue Plan Act Expands PPP Eligibility - Modifies Loan Forgiveness and Adds Funding for Online Publishers, Restaurants and Shuttered Venues Tuesday, March 16, 2021
President Biden recently signed the American Rescue Plan Act of 2021, which adds an additional $15 billion in new funding for Economic Injury Disaster Loan grants, expands PPP for nonprofit organizations, online news publishers, restaurants, shuttered venues and modifies loan forgiveness rules.
Nonprofit Organizations
501(c) entities, other than 501(c)(3), (4), (6) or (19), that are exempt from taxation under 501(a) (“Additional Nonprofits”) are eligible to receive first draw PPP loans if Additional Nonprofits:
Employ no more than 300 employees per physical location;
Today, the White House announced several reforms to the PPP Program, PPP Loans and PPP Eligibility aimed at targeting funds to the smallest businesses and those that have been left behind in previous relief efforts.
Monday, January 11, 2021
Certain foreign-owned or controlled U.S. businesses are eligible to apply for potentially forgivable loans under the second round of the Paycheck Protection Program ( PPP ) included in the recently enacted Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (P.L. 116-260). Applications can be submitted until March 31, 2021. The U.S. Small Business Administration ( SBA ) and the Department of Treasury recently issued two interim final rules ( IFRs ) which describe the eligibility requirements under which foreign-owned or controlled U.S. applicants can apply for
second draw funding for applicants previously receiving PPP loans.
Size Eligibility Requirements
As was the case in the first round of PPP loans, eligibility for second round PPP loans is based on the SBA s affiliation counting rules. Accordingly, the U.S. applicant must include not only its U.S. employees, but also all employees of the U.S. applicant s domestic and