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Update Regarding the Paycheck Protection Program | Lewitt Hackman

(as of December 22, 2020) On December 21, 2020, the U.S. Senate and the U.S. House of Representatives passed the Consolidated Appropriations Act of 2021, which includes the COVID-Related Tax Relief Act of 2020 (“ COVIDTRA”). The President is expected to sign the bill into law. COVIDTRA updates and clarifies certain provisions in the Coronavirus Aid, Relief, and Economic Security Act, passed in March 2020, as amended (“ CARES Act”), including the CARES Act’s Paycheck Protection Program (“ Under COVIDTRA, new PPP loans (“ PPP2 Loans”) will be available to both first-time qualified borrowers and to businesses that previously received a PPP Loan. 1.  Are the terms of a PPP2 Loan Similar to a PPP Loan? 

Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act Provides Additional Funding to Small Businesses Under the Paycheck Protection Program | Nelson Mullins Riley & Scarborough LLP

To embed, copy and paste the code into your website or blog: In response to the continued market disruption and economic impact of the COVID-19 pandemic, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, or the Act, on December 21, 2020 as a part of the Consolidated Appropriations Act, 2021, which provides additional funding to small businesses under the Paycheck Protection Program, or PPP, allows eligible borrowers to receive a second draw loan, simplifies loan forgiveness for loans under $150,000 and classifies forgiven PPP loans as tax deductible. The Act provides for an additional $284 billion of funding for additional PPP loans through the Small Business Administration, or the SBA, and allows the hardest-hit small businesses to receive a second draw forgivable PPP loan. In order to be eligible for a second draw loan, the small business must (i) have received a PPP loan; (ii) used or will use the full amount of the existing PPP loan on or

New Stimulus Package Amends The Families First Coronavirus Response Act And The Paycheck Protection Program | Fox Rothschild LLP

To embed, copy and paste the code into your website or blog: Congress passed a wide-ranging COVID-19 stimulus package on December 22, 2020, that provides over $900 billion in aid to individuals and businesses. If signed into law, the stimulus package will address two areas of importance to small businesses: the Families First Coronavirus Response Act (FFCRA) and the Paycheck Protection Program (PPP). Families First Coronavirus Response Act Partially Extended Congress declined to extend the mandatory leave requirements of the FFCRA in the stimulus package but did allow companies to continue to receive payroll tax credits if they voluntarily provide paid leave to their employees for reasons that are covered by the law. The FFCRA requires employers to provide up to 12 weeks of paid leave to employees who are unable to work for a variety of reasons related to COVID-19. We discuss the provisions of the FFCRA in a prior alert. 

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