UPDATE 12.28.20: Congress passed legislation Dec. 21, 2020 that was signed by the president Dec. 27 that provides an additional $284 billion for a new round of forgivable Payroll Protection Program loans, now expanded to include nonprofits, local newspapers, and TV and radio broadcasters.
It also sets aside $12 billion for minority-owned and very small businesses that had trouble accessing the first round of PPP funding.
The new round of PPP loans will be limited to companies with no more than 300 employees and loans will be capped at $2 million. Publicly traded businesses are not eligible.
Small businesses that previously received a PPP loan will be eligible for a second loan if their revenues fell by 25% this year.
PPP borrowers will also be allowed to take tax deductions for covered business expenses, including rent and utilities.
For additional questions, see the Internal Revenue Service's expanded FAQ.