The Small Business Administration and Department of the Treasury announced plans to reopen Paycheck Protection Program loan applications starting with community financial institutions on Monday, January 11.
The bill...more
On December 21, 2020, Congress approved the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Ventures Act. After threatening to veto the bill, President Trump signed the bill into law on December 27....more
On December 21, 2020, Congress approved the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Ventures Act. While the act still needs to be signed by the President before it becomes law, it makes some extensions and...more
On July 4, President Trump signed an extension to the Payroll Protection Program allowing borrowers to apply for funds through August 8 (formerly June 30) of this year. At the time the extension was signed, approximately $130...more
The SBA just released new revised loan forgiveness application forms integrating changes from the PPP Flexibility Act. The form is largely the same with some specific changes highlighted here....more
We are receiving a number of questions about PPP forgiveness and the PPP Flexibility Act, signed by President Trump on June 5. This Q&A is intended to answer some of those questions, but remember, your individual...more
On June 3, 2020, Congress passed the Paycheck Protection Program Flexibility Act (the Act) that is currently awaiting signature by President Trump. Among the other benefits discussed below, the Act provides borrowers with...more
Q: Our company was fortunate to receive a PPP loan but now during our ramp up for work several employees have either voluntarily quit and at least one was terminated. How does that affect our PPP payment obligations?...more
The Small Business Administration recently released the application for the Paycheck Protection Program (“PPP”) loan forgiveness which describes how some of the tests and definitions would be applied under the CARES...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created the Paycheck Protection Program (PPP), authorizing certain businesses to apply for loans, a portion of which was eligible for forgiveness through the...more
5/14/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
U.S. Treasury
The Paycheck Protection Program is part of the recent Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and allows small businesses with 500 or fewer employees to apply for federally backed loans to pay for...more