The Economic Aid Act and a Second Round of PPP Loans

The Consolidated Appropriations Act of 2021, which became law on December 27, 2020, includes a second round of stimulus funding in the form of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act(the “Economic Aid Act”). Among many other measures, the Economic Aid Act further extends and revises the Paycheck Protection Program (“PPP”), which provides loans guaranteed by the Small Business Administration (“SBA”) to certain businesses and organizations adversely affected by the COVID-19 crisis. Applications for the prior round of PPP funding closed on August 8, 2020.

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