Unpacking the Economic Aid Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans (January 14, 2021) -
Late on January 6, 2021, the Small Business...more
1/15/2021
/ Applications ,
Borrowers ,
CARES Act ,
Certifications ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
New Legislation ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Required Documentation ,
SBA ,
Small Business
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the “Act”). The Act, which includes the COVID-19-related Tax Relief Act of 2020 and the Taxpayer Certainty and Disaster Tax...more
1/8/2021
/ CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
IRS ,
Loan Forgiveness ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
Tax Credits ,
Trump Administration
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “PPP2 Act”) is contained in the Consolidated Appropriations Act, 2021 (“2021 Appropriations Act”), a $900 billion, nearly 5,600-page bill passed...more
1/7/2021
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Financial Stimulus ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits ,
Trump Administration
Below are ten important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the applications posted on June 16, 2020, and October 8, 2020, as well as...more
12/31/2020
/ Borrowers ,
CARES Act ,
Compensation & Benefits ,
Consolidated Appropriations Act (CAA) ,
Eligibility ,
Loan Forgiveness ,
New Legislation ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
Tax Credits ,
Trump Administration
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “PPP2 Act”) is contained in the Consolidated Appropriations Act, 2021 (“2021 Appropriations Act”), a $900 billion, nearly 5,600-page bill passed...more
12/29/2020
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. There are...more
12/29/2020
/ Applications ,
Borrowers ,
Business Necessity ,
CARES Act ,
Certification Requirements ,
Confidential Information ,
Coronavirus/COVID-19 ,
Financial Institutions ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
SBA
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
12/29/2020
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Loan Applications ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
Relief Measures ,
SBA ,
Small Business
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. The...more
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
12/14/2020
/ Borrowers ,
CARES Act ,
Change of Ownership ,
Coronavirus/COVID-19 ,
Lenders ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
Popular ,
Required Forms ,
SBA ,
Small Business ,
Small Business Loans
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
12/3/2020
/ Asset Transfer ,
Borrowers ,
CARES Act ,
Change of Ownership ,
Coronavirus/COVID-19 ,
Loan Forgiveness ,
Mergers ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Expenses ,
Popular ,
Questionnaires ,
Relief Measures ,
Required Documentation ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Tax Deferral
On November 18, 2020, the United States Department of Treasury and Internal Revenue Service (“IRS”) released much anticipated guidance concerning the tax treatment of certain expenses incurred in respect of loans obtained in...more
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
11/9/2020
/ Asset Transfer ,
Borrowers ,
CARES Act ,
Change of Ownership ,
Coronavirus/COVID-19 ,
Loan Forgiveness ,
Mergers ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Expenses ,
Popular ,
Questionnaires ,
Relief Measures ,
Required Documentation ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Tax Deferral
Below are the ten important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the applications posted on June 16, 2020, and October 8, 2020. There are...more
11/9/2020
/ Borrowers ,
CARES Act ,
Compensation & Benefits ,
Eligibility ,
Executive Compensation ,
FTEs ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
SBA ,
Seasonal Workers ,
Small Business
Below are the ten important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the applications posted on June 16, 2020, and October 8, 2020. There are...more
10/12/2020
/ Applications ,
CARES Act ,
Coronavirus/COVID-19 ,
Eligibility ,
Executive Compensation ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
Retirement ,
SBA ,
Seasonal Workers ,
Small Business ,
Small Business Loans
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
10/12/2020
/ CARES Act ,
Change of Ownership ,
Coronavirus/COVID-19 ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Expenses ,
Relief Measures ,
Required Documentation ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Deferral
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
10/5/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Relief Measures ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Small Business ,
Time Extensions
Below are the top ten things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the applications posted on June 16, 2020. There are two forms and two sets of...more
8/28/2020
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Employer Group Health Plans ,
FTEs ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Retirement Plan ,
Safe Harbors ,
SBA ,
Seasonal Workers
On August 4, 2020, the Federal Reserve presented on the use of the Main Street Lending Program by Tribal Entities (as defined below). While the presentation was in large part a summary of the already well-known components of...more
Below are the top ten things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the applications posted on June 16, 2020. There are two forms and two sets of...more
8/20/2020
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Employer Group Health Plans ,
FTEs ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Retirement Plan ,
Safe Harbors ,
SBA ,
Seasonal Workers
Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more
8/13/2020
/ Applications ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Families First Coronavirus Response Act (FFCRA) ,
Loan Forgiveness ,
Midsize and Large Business Loans ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Relief Measures ,
SBA ,
Tax Credits
Below are the top ten things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the applications posted on June 16, 2020. There are two forms and two sets of...more
8/12/2020
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Employer Group Health Plans ,
FTEs ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Retirement Plan ,
Safe Harbors ,
SBA ,
Seasonal Workers
Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more
8/12/2020
/ CARES Act ,
Construction Industry ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Families First Coronavirus Response Act (FFCRA) ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Main Street Lending Programs ,
Midsize and Large Business Loans ,
Pandemic Unemployment Assistance (PUA) ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Real Estate Market ,
Safe Harbors ,
SBA ,
Tax Credits
Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more
8/12/2020
/ Applications ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Families First Coronavirus Response Act (FFCRA) ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Main Street Lending Programs ,
Manufacturing Facilities ,
Midsize and Large Business Loans ,
Pandemic Unemployment Assistance (PUA) ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Retail Market ,
SBA ,
Tax Credits
Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more
8/12/2020
/ Airports ,
Applications ,
Aviation Industry ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Families First Coronavirus Response Act (FFCRA) ,
Good Faith ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Main Street Lending Programs ,
Midsize and Large Business Loans ,
Pandemic Unemployment Assistance (PUA) ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Ports ,
Public Transit ,
SBA ,
Transportation Industry ,
WRDA
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 may submit a loan forgiveness application any time on or before...more
8/10/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Loan Applications ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Safe Harbors ,
SBA ,
Small Business Loans