Interim Final Rule Regarding First Draw News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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The Small Business Administration (SBA) has announced that they will reopen their portal for Paycheck Protection Program (PPP) loans for eligible borrowers beginning the week of January 11, 2021, after being shut down since August 8, 2020, when the prior congressional authorization for PPP loans expired. This new round of PPP loans is made possible by legislation that became effective on December 27, 2020, titled the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act), which made $284 billion available for PPP loans, authorized so-called “second draw” PPP loans for certain borrowers who previously received a PPP loan, and made certain other changes to PPP loans as summarized here. On January 6, 2021, the SBA and U.S. Department of Treasury (Treasury) issued new interim final rules (IFRs) providing (1) guidance regarding “second draw” PPP loans for borrowers who already ....

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