The Economic Aid Act includes new aid for small businesses, but there are significant issues and uncertainties that could render many small businesses ineligible. The Act provides for additional uses and expanded eligibility under the Paycheck Protection Program (PPP) for First Draw PPP Loans, a new round of Second Draw PPP loans as well as significant tax changes for PPP borrowers. James W. Kim, a partner in McDermott’s Washington, DC office, leads the Firm’s Federal Loan Assistance Task Force. In a new video, he discusses how small See more +

The Economic Aid Act includes new aid for small businesses, but there are significant issues and uncertainties that could render many small businesses ineligible. The Act provides for additional uses and expanded eligibility under the Paycheck Protection Program (PPP) for First Draw PPP Loans, a new round of Second Draw PPP loans as well as significant tax changes for PPP borrowers. James W. Kim, a partner in McDermott’s Washington, DC office, leads the Firm’s Federal Loan Assistance Task Force. In a new video, he discusses how small businesses may be affected by the PPP changes. Go to our PPP Hot Topic page to learn more: https://coronavirus.mwe.com/covid-relief-updates-paycheck-protection-program-save-our-stages-grants/

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