Into , former Chairman Trump finalized this new Consolidated Appropriations Operate. Over 5,000 pages in total, the brand new Work provided changes and additions for the Income Safeguards System (PPP).
The latest PPP commonly: (1) undertake programs of eligible consumers to possess PPP finance one don’t found an effective PPP mortgage beneath the before program-also known as good “Earliest Draw Mortgage”; (2) enable qualifying companies that received an effective PPP mortgage underneath the before system to receive an extra PPP financing-called an excellent “2nd Draw Mortgage”; (3) ensure it is existing PPP consumers maybe not eligible for one minute Mark Mortgage to spend one kept PPP cash on allowed expenditures, which includes a lot more forgivable costs; and (4) alter PPP legislation to own present PPP borrowers, the brand new PPP individuals, and you will 2nd Draw Loan consumers in the regions of eligibility, forgivable expenses, and you can mortgage forgiveness. Continue reading