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Buchalter COVID-19 Client Alert: New PPP Changes in the Stimulus Bill: Second PPP Loan for Hardest-Hit Existing PPP Borrowers, Additional Categories of Forgivable Expenses, Tax Deductibility for Expenses Paid with PPP Proceeds, Lender Liability Limitations, Simplified Forgiveness Application for Loans of $150,000 or Less, and Other Changes | Buchalter

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On December 27, the President signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Act) addressing changes to the rules regarding PPP loans, including making a supplemental PPP loan available to many PPP borrowers and increasing the types of business expenses that can be forgiven.
Among many other changes discussed in detail below, the Act provides the following key changes in regard to the PPP program:
– Funding to allow the hardest-hit small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan (Second Draw Loan). ....

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