MDO PARTNERS I
Second Draw PPP Loans: An Overview
On December 27, 2020, the $900 billion Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act 2021 was enacted as a follow-up to the CARES Act. The CRRSA provided several clarifications with respect to the Paycheck Protection Program (PPP) as well as the requirements and guidelines for the Second Draws of PPP Loans. On January 13, 2021, the Small Business Administration (SBA) began accepting applications for Second Draw PPP Loans. This Alert provides an overview of the Second Draw PPP Loan requirements and clarifications to the First Draw PPP Loan.