By Bernadette Kasnicki of Farrell Fritz, P.C. – Published January 19, 2021
Today the U.S. Department of the Treasury and the U.S. Small Business Association (“SBA”) have fully reopened the Paycheck Protection Program (“PPP”) loan portal to participating lenders to submit first- and second- draw loan applications.
The Legislation
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venue Act (“Economic Aid Act”) was included in the Consolidated Appropriations Act, 2021 (the “CAA”), which was signed into law on December 27, 2020. Through the Economic Aid Act, the CAA, among many other things, reauthorizes and modifies the PPP, allocating more than $284 billion in new loan funding, under new criteria, until March 30, 2021 or the funding runs out—whichever comes first.