Our finance, corporate and business transactions, litigation, and tax teams recently published a LawFlash discussing the new coronavirus (COVID-19) relief stimulus package that is part of the Consolidated Appropriations Act, 2021 (CAA), highlighting key provisions and guidance for small businesses seeking to participate in the revived Paycheck Protection Program (PPP).
The CAA, a $2.3 trillion spending bill, includes $900 billion in COVID-19 pandemic relief. A portion of the relief package—$285 billion—extends and expands the PPP, a stimulus effort originally passed as part of the CARES Act in March 2020. The new relief package reopens and strengthens the PPP for first-time and second-time borrowers and extends the lifetime of the program to March 31, 2021.