A New Year and New Stimulus Legislation Bring Significant PPP Developments

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act section of the Omnibus Spending Bill (the “Bill”), passed on December 21, 2020, authorizes $806.5 billion for an extended period of the Paycheck Protection Program (“PPP”) with new or “second draw” loans available through March 31, 2021, and a number of enumerated set asides for specific appropriations.  The legislation reflects a combination of extension of original CARES Act PPP provisions along with a significant number of changes that permeate multiple areas from tax treatment to loan eligibility to the use of loan proceeds.  

Attorneys from Crowell & Moring who have been tracking and providing advice on a wide range of PPP issues since March will summarize these key developments and anticipated benefits and challenges as well as insight on what to expect as companies continue to navigate  the requirements of this lifeline loan program.