Originally published: . Volume 12, No. 3. Source pages: 3.
There is a new round of the Payroll Protection Program (PPP). A 14- day period, beginning February 24, was ordered by the Biden administration, during which only businesses with fewer than 20 employees can apply for a PPP loan.
Round 3 funding of $284 billion expands on the original PPP goals of providing loans to businesses for payroll and other costs to help those businesses remain viable and allow their workers to pay their bills.
The Consolidated Appropriations Act, 2021 (CAA), signed into law by President Trump on Dec. 27, 2020, includes new funding for the PPP, but expired Aug. 8, 2020.
The PPP originally included $349 billion in funding. Those funds were used within two weeks, resulting in another round of funding totaling $320 billion. After Round 2 loans ended in August, there has been no additional funding until now.
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