On Monday December 21, 2020, Congress passed a new $900 billion fiscal stimulus package aimed at boosting an economy still struggling with the effects of COVID-19.
The new legislation provides $284 billion of new funding for the Paycheck Protection Program (“PPP”) and allows for some businesses to apply for a second round of funding. The bill also modifies or clarifies several PPP-related rules and procedures.
In addition, Congress approved direct cash payments to many taxpayers and further aid to certain industries.
Please see our latest alert for more details.