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.

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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.

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