The ongoing COVID-19 pandemic has precipitated an economic slowdown not seen in over a decade. In response, the federal government has enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), taking...more
Here we clarify PPP eligibility requirements for independent contractors, sole proprietors and individuals with self-employment income, as well as additional guidance regarding partnerships and other issues.
On Tuesday,...more
In addition to the programs established and the powers granted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Treasury Department and Federal Reserve Board of Governors are leveraging...more
The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) expanded the existing Economic Injury Disaster Loan program (“EIDL”) by streamlining the application process and providing lower interest rates and longer...more
As small businesses backed by venture capital or private equity analyze whether they may qualify for the benefits of the SBA Paycheck Protection Program (PPP), we are starting to see “knee-jerk” reactions by many of these...more
The SBA Paycheck Protection Program (PPP) was enacted to provide loans to small businesses to protect and maintain jobs. For those small businesses backed by venture capital or private equity, however, the affiliation rules...more
The New Jersey Economic Development Authority (“NJEDA”) has recently announced a series of economic relief packages to help small businesses in the state. Earlier last week, NJEDA launched its Small Business Emergency...more
Relief for mid-sized businesses covered in Title IV of the CARES Act has been overshadowed by discussions of that provided for small businesses. This alert covers relief available to businesses and non-profit organizations...more
Under the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”), eligible small businesses may borrow up to 250% of their average monthly payroll costs from most banks and certain other SBA-approved...more
The $349 billion Payment Protection Program (PPP) established by Title I of the Coronavirus Aid, Relief, and Economic Stability Act (CARES Act) is intended to help small businesses sustain themselves and keep their workers...more
Information regarding the affiliate rules that can impact access to the Small Business Administration (SBA) Paycheck Protection Program (PPP) under the CARES Act for our venture capital-backed clients is complex. Although...more
On March 31, 2020, the U.S. Small Business Administration (SBA) released the Paycheck Protection Program Application Form for use with the SBA Paycheck Protection Program (PPP) loans. Applications for PPP loans may be...more
On Friday, March 27, 2020, the President signed into law The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides up to $2 trillion to address the severe economic dislocation caused by the...more
In these unprecedented times of the COVID-19 pandemic and the resulting disruption of economic activity, we understand the imperative for the very survival of our clients and the business community at large in addressing...more