To embed, copy and paste the code into your website or blog: 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”). The U.S. Small Business Administration and the Department of Treasury subsequently released interim final rules under the Act (here and here). 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. For purposes of this update, all PPP loans issued in 2020 are included in references to PPP1 loans.