The "New and Improved" Paycheck Protection Program


Summary

The omnibus budget act signed by President Trump on December 27 reinstitutes the Paycheck Protection Program, with significant changes. The act allows new borrowers to receive PPP loans and some existing borrowers to receive additional PPP funding. It also restores the tax deduction for expenses paid with PPP loan proceeds, makes a number of changes in PPP and other SBA programs, and creates a new grant program for performance venues and businesses.