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SBA and U.S. Treasury Issue Interim Final Rule on Paycheck Protection Program Loan Forgiveness | Hinshaw & Culbertson LLP

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On December 28, 2020, former President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the legislation (referred to herein as the Economic Aid Act) included revisions and additions to the Paycheck Protection Program (PPP). The new PPP will: (1) accept PPP loan applications from eligible borrowers that did not receive a PPP loan under the earlier program (known as First Draw Loans ); (2) permit qualifying businesses that received a PPP loan under the earlier program to receive a second PPP loan (known as Second Draw Loans ); (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 borrowers in the areas of eligibility, forgivable expenses, and loan forgiveness. ....

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Lender Obligations Under the Revived Paycheck Protection Program | Hinshaw & Culbertson LLP

To embed, copy and paste the code into your website or blog:
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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