On December 27, 2020, President Trump signed into law the $2.3
trillion coronavirus relief and government funding bill. In
addition to other provisions, the law specifically adds $284
billion to the already successful Paycheck Protection Program
(“PPP”) previously enacted under the CARES Act. PPP
loans will be available both to first-time borrowers and some
second-time borrowers, but different criteria apply to each
group.
While the Small Business Administration (“SBA”), the
federal agency principally responsible for administering the PPP,
has yet to announce details and guidance specifically relating to
this supplemental funding, the following key details of the program
are described in the new law, itself:
