The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Act), signed by the President on December 27, 2020, and subsequent guidance from Treasury Department and the Small Business Administration, have modified the Paycheck Protection Program in two significant ways. First, the Act created a new Second Draw Loan category, enabling eligible businesses that had previously gotten a PPP loan to apply for a supplemental PPP loan in amounts that could be as high as $2 million. Second, the Act and the new guidance clarified that certain eligible borrowers who have not previously obtained a PPP loan may seek to obtain such a loan before March 31, 2021.
Join Manuel Fishman and Michael Flynn as they discuss the modified requirements for eligibility and forgiveness of these loans, with a focus on their applicability to and usefulness for landlords, tenants and owners, property managers and other stakeholders in the commercial real estate area.
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