Consolidated Appropriations Act, 2021
On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law. This new legislation includes the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (Act), which provides a breadth of benefits to businesses designed to address the economic fallout from the pandemic.
New IRS Restrictions on PPP Loans
Businesses who received PPP loans may receive forgiveness of the full principal amount of the loan up to an amount equal to eligible expenses paid or incurred during the covered period.
SBA Releases Draft PPP Loan Necessity Questionnaire
The Small Business Administration (SBA) recently released draft questionnaires that must be completed by for-profit (Form 3509) and not-for-profit (Form 3510) organizations that, together with their affiliates, received Paycheck Protection Program (PPP) loans of $2 million or more.
Paycheck Protection Program Flexibility Act Signed Into Law
In what is being considered a major win for small businesses, the House version of the Paycheck Protection Flexibility Act was approved by the Senate on June 3, 2020 and signed into law by President Donald Trump today, June 5, 2020.