SBA Part Thirty-Five: SBA 7(a), 504, Or Micro-loan Programs Under The Economic Aid Act

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), a subpart of the larger Consolidated Appropriations Act, 2021, was signed into law on Dec. 27, 2020. In addition to providing changes to the original Paycheck Protection Program (PPP), now called a "First Draw" loan, and adding a second round of PPP funding, referred to as a "Second Draw" loan, the Economic Aid Act made several very noteworthy modifications to other Small Business Administration (SBA) loans, as discussed below. Please also review our earlier bulletins that contain background information on the impacts of the PPP and the SBA Disaster Loan Programs under the Economic Aid Act: SBA Part Thirty-One, SBA Part Thirty-Two, SBA Part Thirty-Three, and SBA Part Thirty-Four.