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Congress approves additional relief funding for businesses.

Great news! On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, which continues the Paycheck Protection Program (PPP) and other small business support.


M&T Bank is currently preparing there online portal to accept new applications while we wait for the President to sign the bill, and the U.S. Small Business Administration to issue guidance around program implementation. We will be updating you in the coming days as we learn more.


Key highlights:

Reopens and expands Paycheck Protection Program:

• PPP Loans

• PPP Second Draw Loans up to $2 million – eligibility requirements include:

◦ Businesses with not more than 300 employees and

◦ Reduction in gross receipts of 25% or more in any quarter in 2020, relative to the same quarter in 2019


Makes the following expenses allowable, and forgivable, uses for Paycheck Protection Program funds:

◦ Covered operations expenditures

◦ Covered property damage costs

◦ Covered supplier costs

◦ Covered worker protection expenditure


Simplified loan forgiveness for borrowers with PPP loans up to $150,000


Additional program highlights:

• Subsidy payments for certain loan payments under SBA 7(a) and 504

• Targeted EIDL Advance Program

• Repeal of section 1110(e)(6) of the CARES Act, which requires PPP borrowers to deduct the amount of their EIDL advance from their PPP forgiveness amount. SBA will issue rules that ensure borrowers are made whole if they received forgiveness and their EIDL was deducted from that amount


M&T Bank is proud to have assisted more than 35,000 clients through the PPP process in 2020 and we are readying our teams to accept new applications to support our clients and local communities.


Ayala, Vado & Associates will continue to provide additional communications as details are made available.

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