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A new federal law provides $284 billion in additional funding for the Paycheck Protection Program to help small businesses with the economic fallout from the COVID-19 pandemic, but there are new provisions to be aware of. 

The Economic Aid Act changed PPP eligibility requirements, created a new process for “Second Draw” loans by previous PPP borrowers, and added   additional allowable expenditures as qualifying expenses.   

NJBIA has created a Fast Facts, exclusively for NJBIA members, that answers questions about the updates that have been made to the PPP program, including which entities are newly eligible for PPP loans. 

Go here to access the Fast Facts document “Economic Aid Act for the Paycheck Protection Program (PPP).” Member log-in is required.