ARTICLE · 13 JANUARY 2021
PPP And The Economic Aid Act
President Donald Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act), which was included in the Consolidated Appropriations Act, 2021, 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, made various changes to the
Paycheck Protection Program (PPP) that affect all PPP loans
including those funded under the Coronavirus Aid, Relief, and
Economic Security Act (CARES Act).
- The Economic Aid Act opens a new PPP loan period for first
loans and implements a second loan draw for certain PPP borrowers,
each through March 31, 2021.
President Donald Trump signed the Economic Aid to Hard-Hit Small
Businesses, Nonprofits and Venues Act (Economic Aid Act), which was
included in the Consolidated Appropriations Act, 2021, on Dec. 27,
2020. In turn, the U.S. Small Business Administration (SBA)
published a new consolidated 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
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