ARPA Extended & Expanded Provision – PPPPosted: March 15, 2021
The American Rescue Plan Act of 2021 (ARPA, 2021) signed into law last week extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Consolidated Appropriations Act, 2021 (CAA).
Paycheck Protection Program (PPP)
- Allocates an additional $7.25 billion towards PPP funding, however, the application period has not been extended and remains March 31, 2021.
- Adds “additional covered nonprofit entity” as an eligible nonprofit eligible for First Draw and Second Draw PPP loans.