Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 04 JANUARY 2021

The SBA's Paycheck Protection Program – Congress Reopens The Paycheck Protection Program

A&O Shearman
A&O Shearman
Contributor

A&O Shearman

Introducing A&O Shearman Unparalleled global depth for a changing world. Today more than ever,...

View firm profile
Explore more from A&O Shearman

On December 27, 2020 President Trump signed the Consolidated Appropriations Act, 2021 ("the Act"). The Act reopens the Small Business Administration's (SBA) Paycheck Protection Program (PPP)...

United StatesFinance and Banking
A&O Shearman
A&O Shearman
Daniel Mitz
Daniel Mitz
Author LinkedIn connections

On December 27, 2020 President Trump signed the Consolidated Appropriations Act, 2021 ("the Act"). The Act reopens the Small Business Administration's (SBA) Paycheck Protection Program (PPP) that allows businesses to apply for a loan for the first time or allows existing PPP borrowers to apply for a second loan. First-time PPP borrowers will be subject to the PPP's original eligibility rules, and second-time PPP borrowers will be subject to the following requirements:

Eligibility

Borrowers that previously received a PPP loan may apply for a second PPP loan under the Act if they meet certain eligibility requirements, which are different than for the first PPP loan. The employee eligibility requirement is reduced from a maximum of 500 employees to a maximum of 300 employees. However, the Act provides that businesses with more than one physical location can still use the original 500 employee maximum. Therefore, businesses with one physical location must have 300

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

New NYSE Delisting Rules: What Microcap Companies Need To Know About The $0.25 Minimum Trading Price

The SEC has approved new NYSE and NYSE American listing rules establishing a $0.25 minimum trading price, effective July 1, 2027. A single closing price below this threshold triggers immediate trading suspension and delisting proceedings with no cure period. Companies trading at low share prices must act now during the transition period to implement reverse stock splits and establish monitoring procedures before this hard floor takes effect.
United StatesFinance and Banking
Bevilacqua
Bevilacqua
Article

The Financing Problem Behind the AI Infrastructure Boom: What Lenders and Sponsors Need to Watch

As AI infrastructure spending surges toward $697 billion in 2026, hyperscalers and compute providers are increasingly turning to debt, structured financing, and GPU-backed collateral to fund expansion. While demand projections remain bullish, a critical timing gap is emerging between capital deployment and cash flow generation, creating significant risks for lenders, sponsors, and operators across the ecosystem.
United StatesFinance and Banking
Riveron
Riveron
Article

The SEC’s Proposed “Regulation Crypto Assets” Provides A New Framework For Regulatory Clarity

The U.S. Securities and Exchange Commission has proposed Regulation Crypto Assets, introducing two new exemptions from registration requirements and a safe harbor provision for investment contracts involving crypto assets. How will these tailored frameworks—the Startup Exemption for offerings up to $5M and the Fundraising Exemption for larger capital raises—reshape the regulatory landscape for digital asset issuers while preserving investor protections?
United StatesFinance and Banking
Winston Taylor
Winston Taylor
Article

SEC And CFTC Open Door To Tokenized Markets After Clarity Fails To Advance

The SEC and CFTC have issued coordinated regulatory relief measures that significantly advance crypto-based trading infrastructure in US markets, bypassing Congressional gridlock on the CLARITY Act. These orders establish new frameworks for tokenized securities venues and passive software providers, potentially reshaping how digital assets are traded and accessed in regulated markets.
United StatesFinance and Banking
K&L Gates
K&L Gates
Article

SEC Issues “Innovation Exemption” To Facilitate Trading Of Tokenized NMS Stock

The SEC has issued a groundbreaking Innovation Exemption allowing tokenized securities venues to facilitate trading of tokenized NMS stocks using automated market makers and liquidity pools. This temporary five-year exemption from exchange and dealer registration requirements establishes conditions for permissioned blockchain-based trading while granting public companies a 30-day window to object to third-party tokenization of their securities.
United StatesFinance and Banking
A&O Shearman
A&O Shearman
Article

Basel III Endgame Evolution: Banking Agencies Propose Major Capital Overhaul (Again)

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks (the “Proposed Rules”). This package of proposals is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of minimum regulatory capital ratios.
United StatesFinance and Banking
Simpson Thacher & Bartlett LLP
Simpson Thacher & Bartlett LLP
Article

HRSA Announces Updated 340B Rebate Model Pilot Program, Limited To Drugs Subject To A Maximum Fair Price (MFP) For 2026 And 2027

The Health Resources and Services Administration has announced a revised 340B Rebate Model Pilot Program for drugs subject to Medicare's Maximum Fair Price, expanding eligibility to manufacturers with selected drugs for 2026 and 2027. The program introduces new data requirements, dispute resolution mechanisms, and stricter compliance monitoring while addressing stakeholder concerns about administrative burden and program integrity.
United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
Article

Amendments To The Act On The Protection Of Personal Information Promulgated

Japan has enacted sweeping amendments to its Act on the Protection of Personal Information, introducing an administrative surcharge regime with monetary penalties for data protection violations, new protections for children under 16 and biometric data, and expanded exceptions for data utilization in statistical analysis and AI development. The reforms, which take effect in stages through 2028, fundamentally reshape Japan's privacy enforcement landscape by granting the Personal Information Protection Commiss
JapanPrivacy
A&O Shearman
A&O Shearman
Article

SEC Issues “Innovation Exemption” To Facilitate Trading Of Tokenized NMS Stock

The SEC has issued a groundbreaking Innovation Exemption allowing tokenized securities venues to facilitate trading of tokenized NMS stocks using automated market makers and liquidity pools. This temporary five-year exemption from exchange and dealer registration requirements establishes conditions for permissioned blockchain-based trading while granting public companies a 30-day window to object to third-party tokenization of their securities.
United StatesFinance and Banking
A&O Shearman
A&O Shearman
Article

EU Packaging And Packaging Waste Regulation—what International Corporate Groups Should Know

The European Union's new Regulation on packaging and packaging waste has fundamentally transformed compliance requirements for companies placing packaged goods on the EU market, replacing decades-old directive-based frameworks with directly applicable product-law rules. While promising regulatory harmonization across member states, the reality presents a complex dual-compliance landscape where businesses must navigate both EU-wide packaging standards and diverging national implementation approaches.
European UnionEnvironment
A&O Shearman
A&O Shearman
Article

The EU’s Proposed Industrial Accelerator Act: What The Battery Industry Needs To Know—and Do

The European Commission's Industrial Accelerator Act proposes to reshape battery supply chains by conditioning access to EU public procurement and support schemes on strict origin requirements. As China controls over 80% of global battery manufacturing capacity, the legislation introduces escalating component-count thresholds that could fundamentally alter market access, financing structures, and supplier eligibility across the battery value chain.
GlobalGovernment, Public Sector
A&O Shearman
A&O Shearman
Article

California Passes Suite Of Bills Advancing Child Online-safety Push

California has enacted a comprehensive package of four bills that fundamentally reshape online safety protections for minors, targeting addictive design features, data privacy practices, age verification systems, and platform liability. These new laws establish strict requirements for social media companies, including mandatory stripped-down interfaces for users under 16, enhanced privacy defaults, and potential damages up to $1 million for negligent harm to children. The legislation represents one of the m
United StatesMedia, Telecoms, IT, Entertainment
A&O Shearman
A&O Shearman
Article

How Spain’s Draft Data Center Rules Could Transform Digital Infrastructure Investment

Spain's draft Royal Decree introduces stringent energy sustainability, environmental, resilience and digital sovereignty requirements for data centers, including renewable additionality, hourly correlation, and efficiency standards. The regulation applies to all access and connection permits obtained after entry into force, with specific compliance deadlines for projects in progress and those with granted permits not yet connected to the grid.
SpainEnergy and Natural Resources
A&O Shearman
A&O Shearman
Article

International Carbon Credits Under The Proposed EU ETS Revision And CBAM Implementing Regulations

The European Commission's proposal to revise the EU Emission Trading System introduces a significant new element: the potential purchase of up to 260 million international carbon credits. This development, alongside parallel provisions in the Carbon Border Adjustment Mechanism, signals a cautious but meaningful shift in how the EU approaches international carbon credits. Understanding these distinct treatment mechanisms has critical implications for ETS-covered operators, EU importers, and international tra
BelgiumEnvironment
A&O Shearman
A&O Shearman