On December 27, 2020, President Trump approved a $900 billion COVID-19 relief bill.
In it, Congress appropriates funds to help small businesses, nonprofits, and venues that continue to be hit hard by the impact of COVID-19 through The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Act”). The Act provides assistance to small businesses mainly by revamping the familiar Paycheck Protection Program (“PPP”). The changes to PPP are many and this article does not address every update. Rather, here are some highlights that you should know.