On December 27, 2020, the President signed the Consolidated Appropriations Act of 2021, which includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Act”). The Act allows a “Second Draw” of Paycheck Protection Program (“PPP”) loans up to $2 million, expands the permissible uses for which such loans may be used, simplifies the loan forgiveness application for some borrowers, and makes other related changes to the PPP program. While 2021 may bring relief in the form of vaccines to combat the deadly coronavirus, many businesses will continue to need access to this important relief package.
PilieroMazza stands ready to advise those who wish to apply to the PPP program, and can help businesses navigate the continuing effects of the COVID-19 pandemic. For more details on key provisions of the law the President signed, visit the previous Client Alert here.