Retroactive Changes to the Paycheck Protection Program for 2020 Borrowers

On December 27, 2020, the Consolidated Appropriations Act of 2021 (CAA) was signed into law. In addition to funding new Paycheck Protection Program (PPP) loans, the CAA relaxed certain rules governing the program and made many retroactive changes applicable to PPP loans issued in 2020.

If your organization took advantage of the PPP loan program in 2020, below is a summary of the program rules, before and after the passage of the CAA.

Guide to PPP Loan Forgiveness

If you are looking for more information, we have published a five-part series on PPP loan forgiveness. Some of these articles were originally published before the passage of the CAA and do not reflect the recent modifications to the rules.

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Changes for First Time Paycheck Protection Program Borrowers in 2021

In March 2020, the Paycheck Protection Program (PPP) came into play as a result of the CARES Act.  Many businesses were quick to jump at the opportunity to secure additional funding due to the dramatic impact the shutdowns had on their operations. However, other businesses did not take advantage of the loan program, either because they were an ineligible type of business, or they simply didn’t have enough economic uncertainty to qualify. Now, those businesses have another opportunity available.

On December 27, 2020, the Consolidated Appropriations Act of 2021 (CAA) was signed into law and authorized an additional $284 billion in new PPP loans.

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