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After the Paycheck Protection Program (the PPP ) was
established in The Coronavirus Aid, Relief, and Economic Security
Act (the “CARES Act”), enacted on March 27, 2020,
debtors in bankruptcy cases applied for PPP loans. The Small
Business Administration (the SBA”) opposed PPP loans
for debtors, and courts were split as to whether the SBA could
block debtors from qualifying for and receiving PPP loans. Then
Congress passed the Consolidated Appropriations Act, 2021 (Act)
(Pub. L. No. 116-260), which was signed into law on December 27,
2020 (the “CAA”). The CAA amends the United States
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On December 28, 2020, former President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the Act included revisions and additions to the Paycheck Protection Program (PPP).
The new PPP will: (1) accept applications from eligible borrowers for PPP loans that did not receive a PPP loan under the earlier program known as a First Draw Loan ; (2) permit qualifying businesses that received a PPP loan under the earlier program to receive a second PPP loan known as a Second Draw Loan ; (3) allow existing PPP borrowers not eligible for a Second Draw Loan to spend any remaining PPP funds on permitted expenses, which include additional forgivable expenses; and (4) change PPP rules for existing PPP borrowers, new PPP borrowers, and Second Draw Loan borrowers in areas of eligibility, forgivable expenses, and loan forgiveness.
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