Paycheck Protection Program application. Credit: G.Tbov/Shutterstock.com Paycheck Protection Program 2.0: What Small Businesses Need To Know
This article addresses the key features of PPP 2.0 for small businesses, incorporating the Interim Final Rule on the Paycheck Protection Program as Amended by the Economic Aid Act and the Interim Final Rule on PPP Second Draw Loans issued by the Small Business Administration on Jan. 6, 2021.
January 13, 2021 at 12:00 PM
15 minute read
The Consolidated Appropriations Act, comprised of more than 5,500 pages and including a $900 billion stimulus package, became law on Dec. 27, 2020. As part of this law, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the Economic Aid Act), provides, among other things (a) $284.5 billion to restart the Paycheck Protection Program (PPP 2.0), (b) $15 billion of grants for shuttered live venues, theatres, museums and zoos (Shuttered Venue Operator Grant Program), and (c) $20 billion for Economic Injury Disaster Loans.
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