10 Feb 2021
Quick Draw on the Second Draw: SBA Guidance on the PPP Restart Following the CAA, 2021
The Small Business Administration recently provided guidance on the restart of the Paycheck Protection Program (PPP) under the Consolidated Appropriations Act, 2021, including start dates and procedures, and issued two new interim final rules—one for first draw loans and one for second draw loans. This article discusses the program start-up and highlights key provisions of the two new implementing rules.
Related Content
- The “New and Improved” Paycheck Protection Program
Learn how the Consolidated Appropriations Act, 2021 allows new borrowers to receive PPP loans and some existing borrowers to receive additional PPP funding. The CAA, 2021 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 Consolidated Appropriations Act: Another COVID-19 Relief Package for Employers to Follow
Read about how the December stimulus bill allows some businesses to receive a second draw PPP loan if the business has: (1) 300 or fewer employees, (2) used or will use the full amount provided by its first PPP loan, and (3) has shown a 25% gross revenue reduction in any 2020 quarter as compared to the same quarter in 2019. Learn more about how your small business client may qualify.
Practical Guidance Updates
Featuring the latest updates in Practical Guidance.
- Foreign Bank Account Reports (FBARs)
- IRS Eyes Late Summer for Big-Partnership Audits, Official Says
- 4 Takeaways From the Final IRS Carbon Capture Rules
- IRS Pushes Back Start of Filing Season to Feb. 12
- 5 Noteworthy Tax Items in the COVID-19 Relief Law
- How 2020 Appropriations Law Changes Employer Benefits
- Fed Tax Regs to Watch in 2021
- International Tax Cases to Watch in 2021
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