UPDATE: $900 Billion Coronavirus Relief Bill Signed Into Law

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Update: President Trump signed this bill into law on December 27, 2020.

Congress passed a $900 billion economic relief package referred to as the Consolidated Appropriations Act, 2021. Given the size of the legislation (nearly 5600 pages), this newsletter is meant to be a brief overview of key areas for the Firm’s clients. In addition to what is outlined below, the legislation also contains language relating to student loans, rental assistance, and medical bills among other items.

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New Guidance for Small Businesses and PPP Loan Forgiveness

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New Guidance for Small Businesses and PPP Loan Forgiveness

On May 13, 2020 the SBA released additional guidance around Payroll Protection Program (“PPP”) Forgiveness. The PPP was extended on on April 24, 2020, by President Trump as part of a $484 billion coronavirus relief package, which included $380 billion towards the PPP portion of the Coronavirus Aid, Relief, and Economic Security Act (“CARES”).

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New Funding and Guidance for Small Businesses Applying for Federal Coronavirus Relief

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On April 24, 2020, President Trump signed the much anticipated $484 billion coronavirus relief package, which includes $380 billion towards the Payroll Protection Program (“PPP”) as established by the Coronavirus Aid, Relief, and Economic Security Act (“CARES”).

The U.S. Department of the Treasury also released a new set of FAQs and an interim final rule on the PPP. This new guidance clarifies that private equity firms and hedge funds are not eligible for PPP funds. Similarly, it states that large publicly traded companies likely will not be eligible.

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Senate Unanimously Passes Small Business Funding

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Senate Unanimously Passes Small Business Funding

As expected, on Tuesday evening (April 21, 2020) the U.S. Senate unanimously passed the $483 billion bill to replenish small business funding programs. The U.S. House is expected to vote on the bill on Thursday.

What does this mean for small business who would like to apply for these funds:

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