The “Consolidated Appropriations Act, 2021” (CAA), which includes provisions designed to mitigate the ongoing economic fallout of COVID-19, became law on December 27, 2020. While most of the public’s attention is on other of the CAA ’s benefits —like direct stimulus payments, deduction expansions and tax credit modifications—the CAA revises the Paycheck Protection Program and affects other SBA Section 7(a) loans. Lenders and borrowers should be aware of these changes.
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