Live Breaking News & Updates on Summary Of Second Draw Loan Program

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On December 27, 2020, the Consolidated Appropriations Act, 2021 (“the Act”), was signed into law.  The new law both funded the U.S. government for the remainder of FY 2021 and made available a wide range of COVID-19 relief support, including The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Economic Aid Act”).
The Act reopens the Small Business Administration’s (“SBA”) Paycheck Protection Program (PPP), allowing businesses to apply for a loan for the first time or, in some cases, allowing existing PPP borrowers to apply for a second loan. In general, new first-time PPP borrowers will be subject to the PPP’s original eligibility rules as amended by the Economic Aid Act, and second-time PPP borrowers will be subject to the requirements outlined below. The Act includes significant modifications and extensions of the Paycheck Protection Program (“PPP”) including: ....

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