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PPP Second Draw Loans – Here We Go Again | Wendel Rosen LLP


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On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) into law to provide continued assistance to individuals and businesses that have been financially impacted by the ongoing coronavirus pandemic. Among its provisions is an extension of the Paycheck Protection Program (PPP) created by the CARES Act, authorizing approximately $284 billion in additional federally backed loans to help small businesses weather economic hardships caused by the pandemic.
The new Economic Aid Act clarified several questions about the PPP loan process, and added new rules for borrowers applying for new PPP loans and seeking forgiveness for previous PPP loans. ....

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Payroll Protection Program Update: Congress Passes Second Stimulus Bill Which Includes PPP Second Draw Loans | FordHarrison


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 The CARES Act created the Paycheck Protection Program (“PPP”), which amended the Small Business Act (“SBA”) to provided short term loans to companies with fewer than 500 employees and other companies (such as those in the Accommodation and Food Services Industry). Such loans may be eligible for full forgiveness if used for payroll and other business expenses and all other statutory requirements are met. Now, Congress has passed a second Stimulus Bill called the Coronavirus Response and Relief Supplemental Appropriations Act which is on President Trump’s desk for signature. The bill, among other things, creates a second loan from the PPP called a PPP Second Draw Loan for smaller and harder-hit businesses. Below is an overview of the terms of the PPP Second Draw Loan. ....

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