Provides a simplified application process for loans less than $150,000.Allows businesses to take out a PPP loan and claim the Employee Retention Credit.Gives more flexibility by allowing borrowers to select their covered period (between 8 and 24 weeks).Expands PPP loan eligibility to small nonprofits, including 501(c)(6), destination marketing organizations (DMOs), and housing cooperatives that are first-time borrowers with 300 or fewer employees (as long as their lobbying activities do not exceed 15% of their lobbying activities and the cost of their lobbying activities does not exceed $1,000,000).So, what kind of changes did the CAA bring to the PPP? The bill: This means that business owners have until March 31 to apply for their first or second PPP loan. But, the Consolidated Appropriations Act reopened the PPP through March 31, 2021. The program incentivizes businesses to retain employees on payroll. The PPP provides forgivable loans to small businesses to help cover payroll costs and non-payroll costs (e.g., utilities). The PPP was established under the CARES Act in March 2020. But just in case you need a refresher, hereвЂ™s a brief rundown. If youвЂ™re a business owner, youвЂ™re likely familiar with the PPP. The CAA renewed funding for the PPP for both first- and second-time loan borrowers. One of the biggest changes with the new bill includes updates to the Paycheck Protection Program (PPP). LetвЂ™s take a look at what changes and updates are coming along with the Consolidated Appropriations Act, shall we? If youвЂ™re looking for an easy-to-digest and understandable summary of the new act, youвЂ™ve come to the right place. How is this new coronavirus relief bill going to affect my company? What changes will I have to make? If youвЂ™re frantically asking yourself these types of questions, donвЂ™t worry-youвЂ™re not alone. Consolidated Appropriations ActДЄt this point, there are probably a ton of questions running through your head. Read on to learn all about what the new coronavirus relief bill entails and how it may impact you, your employees, and your business. The new COVID-19 legislation enhances and expands certain aspects of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act). And, it looks like the start of 2021 is following in 2020вЂ™s footsteps.ДЄfter a lot of back and forth, the president signed the Consolidated Appropriations Act 2021 (also called the CAA or the вЂњActвЂќ) into law on December 27, 2020. Between a worldwide pandemic and numerous COVID-19 relief laws to keep up with, 2020 was a whirlwind of a year.

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