The CAA’s Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) allocates an additional $284 billion to a reauthorized and revised PPP. SBA guidance states that the total program allocation for guaranteed loans through the PPP is $806,450,000,000 (in 2020 and 2021). The SBA released initial guidance for the reauthorized PPP on January 5, 2021. Interim Final Rule 2021-0001 details the terms of the PPP, as amended. This IFR governs first-time PPP loans made under the Economic Aid Act, as well as applications for loan forgiveness on existing PPP loans where the loan forgiveness payment has not been remitted. Interim Final Rule 2021-0002 details the Second Draw PPP program.
