Tax Law Insights

The President signed new stimulus legislation into law on December 27, 2020.  The new law, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260 (“Economic Aid Act”), authorizes new and additional PPP loans and modifies the CARES Act for this purpose. The Economic Aid Act authorizes funds of $284.5 billion for PPP loans, and which includes $35 billion for first-time borrowers.  The United States Small Business Administration (SBA) and the United States Treasury also issued new guidance interpreting the new law.

The new SBA/Treasury guidance ...