Second Round of PPP Loans Available Soon

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On December 27, 2020, President Trump signed into law a new $900 billion COVID-19 relief and stimulus package, titled the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the "Act"). Among its provisions, $284 billion to extend the Paycheck Protection Program (PPP). The Act gives the Small Business Administration 10 days to implement new rules for the extended PPP, so specific rules should be forthcoming in early January 2021.

Some specifics of the extended PPP:

The Act earmarks funds for both first- and second-time borrowers with 10 or fewer employees and loans of less than $250,000 in low-income areas. Grants are also available for live venue operators, such as theaters and live performing arts organizations, along with $10,000 EIDL advances.

Applicants should contact their lender for additional information on applying for and obtaining a PPP loan.

330 North Wabash Avenue, Suite 2100
Chicago, Illinois 60611-3607
T: 312.840.7000
F: 312.840.7900