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PPP”) loans under the Coronavirus, Aid, Relief, and Economic Security CAA (the “ CARES Act”): Borrowers may be eligible for a second PPP loan. If the borrower (1) will or has used the full amount of the first PPP loan only for authorized expenses, (2) has no more than 300 employees, and (3) can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020, a second PPP loan is available. Any second PPP loan is limited to $2 milion. More Entities Qualify for PPP Loans. The CAA expands PPP loan eligible entities to include: 501(c)(6) Non-Profit Organi...

To embed, copy and paste the code into your website or blog: The $900 billion Consolidated Appropriations Act of 2021 (the Act) modifies the Paycheck Protection Program (PPP) in a variety of business-friendly ways likely to benefit both existing PPP borrowers and businesses that receive a second PPP Loan. Specifically, the Act includes the following noteworthy changes: Uses Eligible for Forgiveness The Act expands on the types of expenses that PPP borrowers may use their proceeds to pay and later seek forgiveness. Notably, these changes apply to existing borrowers that have not received loan ...

Monday, December 28, 2020 UPDATED: December 29, 2020 After much deliberation, Congress finally agreed to approve a $900 billion COVID-19 relief package as part of the Consolidated Appropriations Act, 2021. Included in that amount is $284 billion for a second round of the Paycheck Protection Program (PPP). The new relief package includes: additional funding for new PPP loans the ability to obtain a second PPP loan for small businesses facing significant revenue declines in any 2020 quarter compared to the same quarter in 2019 clarifications providing for the deductibility of business...