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SBA Has Issued Rules for First Draw, Second Draw, and Increased PPP Loans

SBA Has Issued Rules for First Draw, Second Draw, and Increased PPP Loans

On January 19, the PPP was opened to all lenders. SBA released guidance regarding how to calculate revenue reduction and loan amounts for a Second Draw PPP loan. The agency also issued forgiveness guidance and new forgiveness applications.

On Monday, December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA), which contains a $900 billion COVID-19 relief package that, among many other initiatives, reauthorizes and modifies the Paycheck Protection Program (PPP). 

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