Paycheck Protection Program 2.0: Second Draw Loans and Other Updates

On December 27, 2020, the Economic Aid to Hard-Hit Small Business, Nonprofits and Venues Act (the “Act”) became law. The Act included $284 billion of additional funding under the Paycheck Protection Program (the “PPP”). Notably, there is now a First Draw PPP Loan Program (the “PPP1”) and a Second Draw PPP Loan Program (the “PPP2”). Both are available until March 31, 2021.

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