‘New and improved’ PPP loans help small businesses hard hit by COVID-19 — but there’s a deadline to get the money

On Dec. 27, the new stimulus package — formally called the Consolidated Appropriations Act, 2021 (the CAA) — became law. That’s good news for small business owners: one section of the CAA resurrects the Paycheck Protection Program (PPP) with better terms for borrowers.

Here’s what you need to know, starting with a brief history lesson.

The PPP was originally established by the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) to make loans to small businesses affected by COVID-19-related economic fallout. That was a noble goal, but the original PPP deal expired on Aug. 8, 2020.

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