UPDATES ON THE PAYCHECK PROTECTION PROGRAM UNDER THE CONSOLIDATED APPROPRIATIONS ACT
On December 27, 2020, the Consolidated Appropriations Act (the Act) was signed into law. The legislation amends the Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and administered through the Small Business Administration (SBA). The Act earmarks approximately $284.85 billion in loans to eligible, first-time PPP borrowers and eligible, second-time PPP borrowers that previously received a PPP loan.
January 5, 2021