Paycheck Protection Program - Extended via Economic Aid Act, Effective 1/6/2021
On December 27, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) was signed into law, providing an unprecedented level of emergency assistance for individuals, families, and businesses affected by the coronavirus epidemic.
The legislation includes an extension of the Paycheck Protection Program administered through the SBA for over $284 billion in loans to eligible entities, with such loans being subject to forgiveness under certain circumstances.
The loans may be used for a variety of purposes, including payroll costs, rent, utilities, mortgage interest (not principal), and other operating expenses. Your business must have been operating on or before February 15, 2020 to qualify.