On December 27, 2020, President Donald Trump signed into law the Consolidated Appropriations Act (the Act), a $900 billion legislative package that, among other things, renews the Paycheck Protection Program (PPP) that was established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Act allocates $284.45 billion for PPP loans to eligible new borrowers and qualifying borrowers that already received a loan under the first round of PPP funding.
Below is a summary of the key components of the new PPP program, including some material changes from the initial program and guidelines for second-time borrowers.
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