There has been significant legislation in the past twelve months regarding Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP). The CARES Act, which became law in March 2020, created this new loan. The PPP rules have been continually amended by additional guidance since their creation. The Consolidated Appropriations Act (CAA), passed in December 2020, made additional revisions to the existing PPP loans (PPP1) and created a new round of PPP loans (PPP2) for borrowers who had already received a PPP1 loan. The analysis located within the PDF (link below) details the some of the requirements for the PPP1 and PPP2 loans from creation through the passage of CAA. Please note that this analysis is current as of February 16, 2021. The SBA continues to issue additional guidance on both loans.
Access the MarksNelson PPP Loan Analysis.
If you need additional guidance or clarification for your unique situation, please reach out to your MarksNelson advisor.