Congress has passed the ?Consolidated Appropriations Act, 2021,? which includes many provisions to assist small businesses, including an expansion of the Paycheck Protection Program (PPP). We are thrilled that this program is available again to support small businesses through the pandemic.
Pursuit will be administering this round of PPP loans, and we expect that many of our borrowers will qualify for additional PPP funds. The legislation also provides a more streamlined loan forgiveness process for those businesses that already have PPP loans.
Below are the key provisions included in the Act:
Paycheck Protection Program Second Draw Loans
Creates a second loan from the Paycheck Protection Program, called a ?PPP second draw? loan for smaller and harder-hit businesses, with a maximum amount of $2 million.
Eligibility