How Rebooted Paycheck Protection Program Works: Part 1
Friday, January 22, 2021
View ShowroomThe omnibus budget act signed by former President Donald Trump on Dec. 27, 2020, reinstituted the Paycheck Protection Program, with significant changes. The act allows new borrowers to receive PPP loans and some existing borrowers to receive additional PPP funding.
It also restores the tax deduction for expenses paid with PPP loan proceeds, makes a number of changes in PPP and other SBA programs, and creates a new grant program for performance venues and businesses.
The new act extends the effectiveness of the original Paycheck Protection Program — now referred to as the first draw — creates a new program, or second draw, for previous PPP borrowers who have used or will have used by the time of second-draw loan disbursement their previous loans and meet new eligibility requirements, and permits some original PPP borrowers to receive an addition to their original PPP loan.
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