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Thursday, January 14, 2021 Provisions of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) and guidance provided by the Small Business Administration’s (SBA) subsequently issued Interim Final Rule (IFR) on the Paycheck Protection Program (PPP) have clarified changes to the PPP and enhanced options for current PPP borrowers. In addition, on December 9, 2020, the SBA issued additional guidance (FAQ 53) associated with its review of loan forgiveness applications and, specifically, its new Loan Necessity Questionnaires for borrowers that re...

Who Needs to Know Why It Matters In addition to allocating $284.45 billion in new funding, this package of laws include significant clarifications and modifications to the PPP that are important to borrowers and lenders. On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021, which included the Economic Aid to Hard-Hit Small Businesses, Non-profits, and Venues Act (the Act), the COVID-Related Tax Relief Act of 2020, and the Taxpayer Certainty and Disability Relief Act of 2020. These laws include significant clarifications and modifications to the Paychec...