The Economic Aid Act, included in the 2021 Appropriations Act, passed Congress on December 21, 2020, and was signed into law on December 27. Among several other economic assistance provisions, the bill expanded the Paycheck Protection Program (“PPP”) to include second draw loans for hard-hit small businesses. Be sure to contact Ross & Moncure if you have questions about the program, or need assistance with your application. Administration officials have indicated that applications will open on Monday, January 11 for first time borrowers and Wednesday, January 13 for second draw loan applicants. You will be able to apply until the earlier of (1) the time that appropriated funds ($284 billion) are exhausted, or (2) March 31, 2021.
