On March 11, 2021, President Joe Biden signed into law the American Rescue Plan Act of 2021, which among other things, provides for additional funding and changes to the Paycheck Protection Program (PPP), as established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent legislation and executive department rules and guidance.
To read the full text of this Duane Morris Alert, please visit the firm website.
On December 22, 2020, the United States Congress passed an omnibus spending bill (the December relief bill) that included significant revisions and additions to the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief and Economic Security Act (CARES Act), and previously amended by the Paycheck Protection Program Flexibility Act (PPP Flexibility Act). President Trump signed the bill on December 27, 2020.
Duane Morris has published two Alerts on the December relief bill.
For businesses of 300 or fewer employees, there will be an opportunity to receive a second PPP loan, provided that certain other criteria are met. The first Alert, “Second PPP Loans Available for Certain Businesses; Changes to PPP Loan Terms and Conditions,” summarizes the criteria for the “second-draw” loans available for certain businesses.
The second Alert, “Shuttered Venue Operator Grants,” covers economic opportunities for businesses impacted by COVID-19, including Shuttered Venue Operator Grants for live venue operators, entertainment businesses, arts and cultural organizations and others listed below that have been severely impacted by COVID-19 and related government and industry restrictions.