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ARTICLE · 12 JANUARY 2021

Paycheck Protection Program Reopens For New Borrowers And Second Round Of Loans

Ballard Spahr LLP
Ballard Spahr LLP
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Ballard Spahr LLP

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Section 1102 of the CARES Act created the Paycheck Protection Program (PPP), which is intended to provide funds for small businesses affected by COVID-19 to maintain their workforce.

United StatesEmployment and HR
Shannon Farmer
Shannon Farmer
Brian D. Pedrow
Brian D. Pedrow
Brent Heberlee
Brent Heberlee
Karli Lubin
Karli Lubin
Franc Del Fosse
Franc Del Fosse
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Section 1102 of the CARES Act created the Paycheck Protection Program (PPP), which is intended to provide funds for small businesses affected by COVID-19 to maintain their workforce. The loans are forgivable under Section 1106 of the CARES Act if the loan is used for permitted payroll, rent, mortgage interest, and utilities expenses and certain workforce and salary maintenance thresholds are met. To apply for the loans, employers must make a number of certifications, including that economic uncertainty due to COVID-19 makes the loan necessary to support ongoing business operations. Additional certifications are required to apply for loan forgiveness. The use of loan proceeds, as well as whether the loan was necessary, is subject to audit by the Small Business Administration (SBA).

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