Steve Dickinson, Robert Magovern, and James Van Orden discuss the omnibus budget act that reinstituted the Paycheck Protection Program (PPP) in part one of a two part article in Law360. As a result of the act, the PPP has been revised in numerous ways, including extending the effectiveness of the original Paycheck Protection Program (now referred to as the first draw) and creating a new program, or second draw, for previous PPP borrowers. The article provides an overview of the PPP in the Consolidated Appropriations Act of 2021 and the U.S. Small Business Administration’s startup of the program.
To read the full article. click here.