Update: The Economic Aid To Hard-Hit Small Businesses, Nonprofits, And Venues Act Has Been Signed Into Law

Cole Schotz
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Cole Schotz

On December 27, 2020, the President signed into law the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, an integral portion of the Consolidated Appropriations Act of 2021 (the “Act”). As detailed in our Alert released on December 24, 2020, the Act includes the continuation and expansion of the Paycheck Protection Program (“PPP”), subject to certain eligibility requirements and borrowing restrictions. With respect to PPP matters, the Act has been enacted without modification to its initial proposed form.

In the coming weeks, we expect supplemental guidance and regulations in furtherance of the administration and implementation of the Act. The U.S. Small Business Administration is directed to issue regulations to effectuate the PPP-related provisions of Act within 10 days of its enactment.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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