Steve Dickinson, Robert Magovern, and James Van Orden discuss key provisions to the Consolidated Appropriations Act, which revived the original Paycheck Protection Program (PPP), with some modifications, in part two of a two-part article in Law360. Under the new act, PPP is now referred to as a first-draw loan and, most notable, a new second-draw PPP loan was created for borrowers that have spent their first PPP loan. The article examines first-draw loans, second-draw loans, and increases in original loans as well as who is eligible and aspects of the application.
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