ARTICLE · 11 JANUARY 2021

Paycheck Protection Program (PPP) 2.0 – A Summary Of The New And Modified Rules

Freeborn & Peters LLP

United StatesCoronavirus (COVID-19)

In late December of 2020, the Consolidated Appropriations Act, 2021 (the "CAA") was signed into law which contains approximately $900 billion in additional coronavirus (COVID-19) relief funding programs. Among those programs is an additional $284 billion in additional aid to small businesses to be allocated via a second round of Paycheck Protection Program ("PPP") loans. These new loans will be made available both to qualifying new borrowers and borrowers who have previously received a PPP loan.

This second round of PPP ("PPP-2") loans has been long awaited and will provide much needed funding to struggling businesses. However, in addition to allocation of additional funds, the CAA significantly changes the prior program rules and those looking to get a PPP-2 loan should take note. Below is a summary of the more material changes to the prior loan rules provided for in the CAA.¹

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Paycheck Protection Program (PPP) 2.0 – A Summary Of The New And Modified Rules

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