Alert: New COVID-19 Relief Bill – Key Provisions for the Paycheck Protection Program
Minutes before midnight on December 21, 2020, in the first major COVID-19 relief bill since this spring, Congress passed a $900 billion COVID-19 relief bill in combination with a $1.4 trillion omnibus government spending bill. Key PPP provisions of the new COVID-19 relief bill include: A new round of PPP loans to small businesses. The new round of PPP loans contains revisions to prior borrower eligibility criteria, so eligibility for this new round should be examined by any interested businesses. Unlike prior rounds, initial language indicates borrowers will need to show a 25% decline in gross revenue for any 2020 […]