2021 Labor and Employment Spotlight: A List of Key Legal Updates for Employers, January 13, 2021, Nichole Atallah, Sara Nasseri, and Sarah Nash
Undeniably, 2020 was a year like no other. Faced with a global pandemic and a tumultuous election, employers were presented with a unique set of challenges and a myriad of new and at times, very vague laws and regulations. Despite the start of a new year and a new administration in just a week, much of 2020 still lingers on, including some of its novel policies. However, the new year and new administration also signal a shift in direction for labor and employment law, and employers should be prepared.
The Economic Aid to Hard-Hit Small Business, Nonprofits and Venues Act (the “
Act”) was signed into law on December 27, 2020, as part of the Consolidated Appropriations Act, 2021. The Act’s goal is to extend the term of certain economic relief programs created under the Coronavirus Aid, Relief, and Economic Security Act (Pub. L. 116–136) (the “
CARES Act”), including, extending the Paycheck Protection Program (“
PPP”) program. The key updates to the PPP program implemented by the Act are outlined below.
Additional PPP Funds Available.
Additional Funding”).
The new application deadline to receive the Additional Funding in the form of a PPP loan is March 31, 2021, or upon exhaustion of the Additional Funding.
Bank offers online COVID-19 PPP loans to Oklahoma businesses
The Shawnee News-Star
BancFirst offers Oklahoma businesses an easy way to apply for the new Paycheck Protection Program loans online at bancfirst.bank.
There are two loan types under the new program: First Draw Loans for businesses that are applying for PPP funds for the first time, and Second Draw Loans for customers who received a PPP loan in 2020.
“We are pleased that more PPP funds have been made available for small business owners,” said Casey Bell, president of BancFirst – Pottawatomie County. “These funds, as we know, are a virtual lifeline and have preserved hundreds of thousands of jobs in our state. We make it easy to apply for these loans at our website, bancfirst.bank.”
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With the latest round of the Paycheck Protection Program comes a pair of interim final rules from the Small Business Administration. Our Financial Services & Products Group explores the significant changes to the PPP brought by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.
General changes to the PPP and the first interim final rule
Second draw loans and the second interim final rule
Tax treatment and additional comments
The Small Business Administration (SBA), in consultation with the Treasury Department, approved two interim final rules, effective January 6, 2021, governing the latest iteration of the Paycheck Protection Program (PPP). The rules implement changes to the PPP set forth in the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, enacted on December 27, 2020.
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While the arrival of vaccines for the coronavirus have us seeing the proverbial light at the end of the COVID-19 tunnel, many small businesses, particularly in industries such as travel, hospitality and specialty retail, continue to feel the pain of governmental restrictions intended to minimize the spread of the insidious virus and associated behavioral shifts. In order to provide much needed help to these and other impacted small businesses, Congress, as part of a larger stimulus package (through the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act)) has finally reauthorized and amended the popular Paycheck Protection Program (PPP).