Economic Aid Act Reopens And Modifies The Paycheck Protection Program

On January 6, 2021, the Small Business Administration (SBA) and the Department of the Treasury issued interim final rules and revised the borrower application forms for the Paycheck Protection Program (PPP). These documents were published per the mandate in the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), which was enacted in the last days of the 116^th Congress as part of a massive, 5,500-page bill that included the Fiscal Year 2021 Appropriations bill and the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (Pub. L. 116-260). Major highlights from the Economic Aid Act include:

• Extending the original PPP (First Draw) from August 8, 2020 to March 31, 2021;