On December 21, 2020, Congress introduced the Economic Aid to
Hard-Hit Small Business, Nonprofits and Venues Act (the
“Act”). It is anticipated that the Act will
quickly pass in both the Senate and the House and be signed into
law.
The Act has allocated over $300 billion to go to businesses.
Of that, $284 billion would go to additional Paycheck
Protection Program (“PPP”) funding and $20 billion
would go to the Small Business Administration's Economic
Injury Disaster Loan (“EIDL”) program. Another
$15 billion would go to zoos, theaters, museums, and other eligible
venues under the new grants for Shuttered Venue Operators, which we
will summarize separately in the coming days.
