PPP

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA) which, among other things, makes modifications to the Payroll Protection Program. On March 19, the Small Business Administration issued new Interim Final Rule on the PPP as Amended by the ARPA to address these changes, including the following areas: 

  •  Expanding loan eligibility to any 501(c) organizations other than 501(c)(4)s. 
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As previously reported here, President Biden directed the Small Business Administration (SBA) to impose an exclusive two-week window where only the smallest businesses – those with fewer than 20 employees and sole proprietors – can apply for Paycheck Protection Program (PPP) loans. He also instructed the SBA to change the loan calculations so certain small businesses could get bigger loan amounts, and ease certain eligibility restrictions.… Continue Reading

The Biden Administration announced further changes to the Payroll Protection Program (PPP). These changes are aimed at increasing lending to small business and independent contractors, removing barriers to borrowing, enhancing transparency, reducing fraud, and increasing the program’s engagement with other would-be borrowers.

Beginning this Wednesday, February 24, only businesses with fewer 20 employees can apply for PPP loans (first and second draw) for a period of 14 days (until March 10) to increase access by the smallest businesses.… Continue Reading

The Economic Aid Act made important changes to the PPP program – expanding eligibility and reopening the program for new borrowers, allowing some borrowers to receive a second loan, expanding the uses for loan proceeds, and creating a streamlined loan forgiveness processes for loans of $150,000 or less.  All of these changes can be challenging to keep up with. … Continue Reading