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ARTICLE · 05 JANUARY 2021

New Paycheck Protection Program Flexibilities And Funding

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The Paycheck Protection Program: New Provisions in the Latest Relief Package...

United StatesFinance and Banking
Angela B. Styles
Angela B. Styles
Scott M. Heimberg
Scott M. Heimberg
Geoffrey Verhoff
Geoffrey Verhoff
Madeline Bardi
Madeline Bardi
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Key Points

  • On December 27, 2020, the new stimulus package appropriating an additional $284.45 billion for the PPP was signed into law.
  • The categories of eligible uses for loan proceeds and forgiveness are substantially broadened from the original PPP.
  • Expenses paid with PPP loan proceeds are 100% tax deductible, retroactively applied.
  • ERTC can be used in conjunction with PPP.
  • Certain hard-hit business concerns are eligible for a Second Draw of up to $2 million.

The Paycheck Protection Program: New Provisions in the Latest Relief Package

On December 27, 2020, the President signed a $908 billion COVID-19 relief package (the "Act") with several new provisions relating to the Paycheck Protection Program (PPP) including an additional $284.45 billion for new PPP loans through September 30, 2021.

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