"1st Look" at the New COVID-19 Relief Bill & Round Two of PPP Loans
Overview of the revised rules relative to eligibility, maximum loan amounts, and loan forgiveness—together with practical considerations
- Product Number: 2210335P01
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1 substantive credits, 0 ethics credits CLE Credit Note -
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Product Description
Product Description
In late December 2021, Congress passed the Consolidated Appropriations Act 2021, an omnibus spending bill that included, among other things, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the "Act"). The Act effectively extended and modified the Paycheck Protection Program, originally created under the CARES Act of April 2020, and the later Paycheck Protection Program of Flexibility Act of June 2020 (collectively, the "PPP").Among the modifications made to the PPP, the Act reauthorizes the Small Business Administration (the "SBA") to make new first-draw PPP loans to new borrowers under an amended Section 7(a)(36) and second-draw PPP loans to returning PPP borrowers under the newly created Section 7(a)(37) through March 31, 2021.
In January of 2021, the SBA and Department of the Treasury issued Interim Final Rules relating to the Consolidated First Draw Loan Program and the Second Draw Loan Program.
This program provides practitioners with an overview of the revised rules relative to eligibility, maximum loan amounts, and loan forgiveness, together with general practical considerations to assist practitioners and applicants in determining whether the amended Paycheck Protection Program is the right program for them.
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