Arent Fox – On January 6, 2021, the Small Business Administration (SBA) released additional guidance for the Paycheck Protection Program (PPP), which was expanded under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act that formed a key part of the Consolidated Appropriations Act, 2021 (CAA). This additional guidance indicates that lenders are authorized to re-open their portals and application processes to allow small business borrowers to apply both for new First Draw PPP Loans and for Second Draw PPP Loans through March 31, 2021. Applications forms for the Second Draw loans and the updated First Draw loans are on the SBA’s website and closely resemble the original PPP application form.
