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Paycheck Protection Program Loans: New Law Expands and Extends Program, Impacts Forgiveness

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The Consolidated Appropriations Act, 2021 expanded and extended the Paycheck Protection Program (PPP) and its benefits. The program’s goal remains the same: help employers retain/pay employees or bring back those let go, provide funds to assist with covered operating costs and make loans forgivable on eligible costs in the coverage period.

Hardest-hit and smaller businesses could even take out a second-draw PPP loan and claim the Employee Retention Tax Credit, while access to alternative funding also is available.

In this eBook, we give you information on:

  • What's changed with PPP
    • Availability of second draw PPP loans
    • Expansion of covered costs, including examples 
  • Loan forgiveness eligibility

We also review how Paychex can help, and provide additional resources such as our COVID-19 Help Center.

* This content is for educational purposes only, is not intended to provide specific legal advice, and should not be used as a substitute for the legal advice of a qualified attorney or other professional. The information may not reflect the most current legal developments, may be changed without notice and is not guaranteed to be complete, correct, or up-to-date.

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