January 7, 2021 – New PPP guidance released

Good evening:  The Small Business Administration released three documents concerning the Paycheck Protection Program (“PPP”).  Summaries of the information will be forwarded when they are available.

  1. PPP as Amended by the Economic Aid Act – guidance about the changes made to the PPP under the second stimulus package.
  2. PPP Second Draw Loans – guidance on the second round of PPP financing.
  3. Accessing Capital for Minority, Underserved, Veteran, and Women-owned Businesses – targeted guidance for specific business owners.

In addition, the Internal Revenue Service in conjunction with the Treasury Department just released guidance on the deduction of certain PPP-related expenses.  Read more about that here.