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We have a new PPP Loan authorization bill out of Washington, after months of political wrangling. Congress could have done more, but they did provide for up to $2,000,000 in additional forgivable loans per borrower, along with provisions which specifically cater to the hospitality industry.
Tuesday, January 5, 2021 On Sunday, December 27, 2020, President Donald Trump signed the Consolidated Appropriations Act, 2021 (the “Act”). The Act combines a $1.4 trillion omnibus appropriations bill for the Federal Government for Fiscal Year 2021 and $900 billion of relief in response to the SARS-CoV-2 (“COVID-19”) pandemic. The Act extends several critical CARES Act programs that had been due to expire on December 31, 2020, including the Paycheck Protection Program (the “PPP”) and unemployment assistance. It also clarifies rules and procedures developed by the various...