ARTICLE · 18 JANUARY 2021
Economic Aid Act Provides Second Draw PPP Loans
The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act), which was included in the Consolidated Appropriations Act, 2021, was signed into law on Dec. 27, 2020.
United StatesCoronavirus (COVID-19)
Highlights
- The Economic Aid to Hard-Hit Small
Businesses, Nonprofits and Venues Act (Economic Aid Act), which was
part of the Consolidated Appropriations Act, 2021 package, extends
the Paycheck Protection Program (PPP) to include a second round of
funding to certain businesses that received funding under the
original PPP.
- The Economic Aid Act's Second
Draw PPP Loans are available through March 31, 2021.
The Economic Aid to Hard-Hit Small Businesses, Nonprofits and
Venues Act (Economic Aid Act), which was included in the
Consolidated Appropriations Act, 2021, was signed into law on Dec.
27, 2020. The U.S. Small Business Administration (SBA) published a
new Interim Final Rule (IFR) on Jan. 6, 2021,
relating to the Paycheck Protection Program (PPP) created by the
Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as
revised by the Economic Aid Act, in particular to implement Section
311 of the Economic Aid Act. Section 311 adds a second
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