Originally published on April 14, 2020. Last updated as of January 26, 2021.

This client alert has been updated to reflect the recent changes and updates to the Paycheck Protection Program (the “PPP”). As the latest phase of the PPP program moves ahead, the SBA continues to release interpretations and updates to both the First and Second Draw loan options. Proskauer continues to provide up to date legal and practical advice to address these changes. 

This up-to-date guide summarizes the key terms of the PPP, including with respect to the forgiveness aspect of the program, and addresses various issues and frequently asked questions that Proskauer attorneys have been dealing with.

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Proskauer's cross-disciplinary, cross-jurisdictional Coronavirus Response Team is focused on supporting and addressing client concerns. We will continue to evaluate the CARES Act, the Consolidated Appropriations Act, 2021, related regulations and any subsequent legislation to provide our clients guidance in real time. Please visit our Coronavirus Resource Center for guidance on risk management measures, practical steps businesses can take, and resources to help manage ongoing operations.