The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, written into law over the 2020 holidays, allows another $284 billion in Paycheck Protection Program (PPP) forgivable, federally backed loans for small businesses. The Act extends and continues the SBA origination authority for the PPP until March 31, 2021. However, the rules for loan qualification, application, and forgiveness have changed. A second draw loan is being introduced and there will be additional changes introduced by the SBA regarding application and processing.
Listen now as Finastra and legal counsel Dorsey & Whitney discuss the differences between the old and new programs.