On December 27, 2020, the President signed into regulation the Financial Help to Exhausting-Hit Small Companies, Nonprofits, and Venues Act, an integral portion of the Consolidated Appropriations Act of 2021 (the “Act”). As detailed in our Alert launched on December 24, 2020, the Act contains the continuation and enlargement of the Paycheck Safety Program (“PPP”), topic to sure eligibility necessities and borrowing restrictions. With respect to PPP issues, the Act has been enacted with out modification to its preliminary proposed kind.
Within the coming weeks, we anticipate supplemental steering and rules in furtherance of the administration and implementation of the Act. The U.S. Small Enterprise Administration is directed to problem rules to effectuate the PPP-related provisions of Act inside 10 days of its enactment.