On December 20, Congress reached a deal on a new stimulus package (the “Package”). Included in the Package is $284 billion for a second round of the Paycheck Protection Program (“PPP”), $15 billion is set aside for live venues, independent movie theaters, and cultural institutions, as well as an additional $20 billion for the Economic Injury Disaster Loan Program.  Additionally, clarifications are made on forgivable expenses for PPP and tax deductions for PPP expenses, including for borrowers under the original PPP.

The SBA will establish regulations no later than 10 days after enactment of the act. The current legislative text is available here and is slated to be finalized this week.
 

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