On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) became law. The Economic Aid Act extended the ability for eligible borrowers to apply for First Draw Paycheck Protection Program (PPP) Loans. On January 6, 2021, the Small Business Administration (SBA) issued an Interim Final Rule (IFR) clarifying the terms and conditions for First Draw PPP loans. Eligible borrowers that have not previously applied for PPP funding may apply for a First Draw PPP Loan until March 31, 2021. Continue reading >