PPP Ineligibility Update: Businesses Ineligible for First Draw and Second Draw PPP Loans (Updated 4/8/2021)

The Coronavirus Aid, Relief, and Economic Security Act (as amended and modified, the “CARES Act”) was enacted to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 emergency. Among other provisions, the CARES Act allowed Congress to authorize the Small Business Administration (“SBA”) to temporarily guarantee forgivable loans under a new 7(a) loan program titled the Paycheck Protection Program (“PPP”)....
By: Schwabe, Williamson & Wyatt PC

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