On November 20, 2024, the Treasury Department issued an interim final rule that makes changes to the regulations that govern the Coronavirus State and Local Fiscal Recovery Funds. The new rule clarifies how state, local, and...more
On July 5, 2022, the U.S. Department of Treasury issued updated guidance that confirmed that Alaska Native Corporations are subject to the requirements of the Single Audit Act and its implementing regulations...more
CRF Payments to ANCs and Their Shareholders Are Not Taxable On January 21, 2022, the Department of the Treasury held a consultation with Alaska Native Corporations on the federal income tax consequences of Coronavirus Relief...more
Although the deadline for “incurring” CARES Act funds has passed, Alaska Native Corporations can still use CARES Act funds to pay for administrative and compliance related expenditures in 2022, including staff time spent...more
On Wednesday, December 8, 2021, the House of Representatives passed H.R. 5119. This bill extends the deadline for Tribal governments (which includes Alaska Native Corporations (“ANCs”)), to use CARES Act funds from December...more
Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the revised and updated applications posted on May 24, 2021, as well as...more
6/1/2021
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Required Documentation ,
Required Forms ,
SBA ,
Small Business
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans -
On January 6, 2021, the Small Business...more
5/6/2021
/ Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more
5/6/2021
/ Applications ,
Borrowers ,
CARES Act ,
Certifications ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Excluded Providers ,
Filing Deadlines ,
Loan Forgiveness ,
Loans ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Required Documentation ,
Safe Harbors ,
SBA ,
Small Business
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans -
On January 6, 2021, the Small Business...more
3/30/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more
3/30/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans -
On January 6, 2021, the Small Business...more
3/25/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more
3/25/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
The Coronavirus Aid, Relief, and Economic Security Act (as amended and modified, the “CARES Act”) was enacted to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 emergency. Among...more
3/25/2021
/ Amended Regulation ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
Small Business
Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the revised and updated applications posted on January 19, 2021, as well as...more
3/22/2021
/ Amended Regulation ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Documentation ,
Economic Aid Act ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
Salary/Wage History ,
SBA ,
Small Business
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans -
On January 6, 2021, the Small Business...more
3/18/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more
3/18/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (the “Act”), the $1.9 trillion pandemic aid bill. The Act contains some limited changes to the Paycheck Protection Program (“PPP”) and...more
Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the revised and updated applications posted on January 19, 2021, as well as other forgiveness procedures as updated by the Economic...more
3/4/2021
/ Amended Regulation ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
Small Business
Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more
3/4/2021
/ CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Employee Retention ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Small Business ,
Tax Credits
On February 22, 2021, the Biden-Harris Administration and the Small Business Administration (“SBA”) announced the taking of certain steps with the Paycheck Protection Program (“PPP”) to further promote equitable relief for...more
Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second Draw Rules”). These rules announced the implementation of section 311 of the Economic...more
2/19/2021
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Required Documentation ,
Required Forms ,
SBA ,
Small Business
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There...more
2/2/2021
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits
Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more
2/2/2021
/ Applications ,
Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits
Borrowers under the Small Business Administration’s (the “SBA”) Paycheck Protection Program (“PPP”) are required to either maintain or submit to lenders and the SBA certain documentation associated with their application for...more
1/28/2021
/ Appeals ,
Applications ,
Borrowers ,
CARES Act ,
Certifications ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
Required Documentation ,
Required Forms ,
SBA ,
Small Business
With recent updates to the Paycheck Protection Program (“PPP”) due to the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act” or “PPP2 Act”), new forgiveness application forms, and...more
1/27/2021
/ Amended Regulation ,
Appeals ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Filing Deadlines ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Rules of Practice ,
SBA