On January 6, 2021, the U.S. Small Business Administration (SBA) issued the Interim Final Rule on Second Draw Loans (the IFR). The IFR announces the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act), a component of the Consolidated Appropriations Act, 2021 (the Act), which authorizes the SBA to guarantee additional loans under the Paycheck Protection Program (PPP).