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Weekly Update for Government Contractors and Commercial Businesses– May 2022 #4

GOVERNMENT CONTRACTS - Fraud Allegations Could Bedevil Borrowers in SBA COVID-19 Relief Programs for Many Years - As everyone who has been tracking the COVID-19 relief programs since 2020 knows, at the outset there was...more

Fraud Allegations Could Bedevil Borrowers in SBA COVID-19 Relief Programs for Many Years

As everyone who has been tracking the COVID-19 relief programs since 2020 knows, at the outset there was massive confusion about the programs’ requirements as well as fear that funding could run out before businesses with...more

PPP Loan Fall-Out: Expect More Audits and Investigations

Unfortunately, the PPP Loan fall-out is far from over.  As we noted in the last blog on PPP issues, we are seeing a number of PPP Forgiveness denials for a number of different reasons, and, along with that, we are seeing the...more

PPP Loan Forgiveness Appeal Process: 4 Steps to Knowing and Protecting Your Rights

As discussed in PilieroMazza’s previous alert, the Small Business Administration (SBA) released its Paycheck Protection Program (PPP) Loan Forgiveness application way back in May of 2020.  Since then, PPP forgiveness...more

SBA Takes Steps to Address PPP Validation Error Problems

On February 10, 2021, the Small Business Administration (SBA) announced new policy changes to the Paycheck Protection Program (PPP) meant to address an ongoing issue loan applicants face regarding validation error codes....more

COVID-19 Relief in 2021: What Small Businesses Need to Know [Video]

The recent $900 billion COVID-19 economic relief package is delivering long-overdue help to businesses and individuals. The related legislation, the Consolidated Appropriations Act, provided more than $300 billion in aid for...more

[Webinar] COVID-19 Relief in 2021: What Small Businesses Need to Know - February 2nd, 2:00 pm - 3:00 pm ET

The recent $900 billion COVID-19 economic relief package is delivering long-overdue help to businesses and individuals. The related legislation, the Consolidated Appropriations Act, provided more than $300 billion in aid for...more

Weekly Update for Government Contractors and Commercial Businesses – January 2021

BUSINESS & TRANSACTIONS - Purchase Agreement Components, Part 2: Indemnification Provisions - In an acquisition, particularly an equity acquisition, a buyer must perform extensive due diligence on the target company to...more

SBA Provides Direction for PPP Round Deux Loans and Second Draw Loans

On January 6, 2021, the Small Business Administration (SBA) issued its first round of formal guidance for the new Paycheck Protection Program (PPP) and the second-draw PPP loans, which we first discussed here. SBA also gave...more

PPP Round Deux Update

On December 27, 2020, the President signed the Consolidated Appropriations Act of 2021, which includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Act”). The Act allows a “Second Draw” of...more

PPP Round Deux: Who Qualifies, For How Much, and Forgiveness Changes

While the President vetoed the 2021 NDAA—and has put COVID relief into question—he has not yet acted on the Consolidated Appropriations Act, 2021, which contained the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and...more

Unsure Whether You’ll Lose Tax Deductions for a Forgiven PPP Loan? Wait Until 2021 to File for Forgiveness

As it hashes out the details of the next COVID-19 relief package, Congress is facing pressure from business groups to allow businesses to write off expenses covered by forgiven Paycheck Protection Program (PPP) loans. The...more

SBA Releases Loan Necessity Questionnaire for PPP Borrowers

On October 26, 2020, the Small Business Administration (SBA) issued a notice in the Federal Register that, among other updates, announced two new forms, 3509 and 3510 (the Forms),  related to the Paycheck Protection Program...more

Senate Passes PPP Loan Application Deadline Extension, More Than $130 Billion Still Unclaimed

Last night, the Senate unanimously passed a bill that would extend the Small Business Administration's (SBA) Paycheck Protection Program (PPP) application deadline through August 8, 2020. The bill is now set to be taken up by...more

Treasury and SBA to Make Changes Regarding Enactment of PPP Flexibility Act

On May 28, 2020, we wrote about the Paycheck Protection Program Flexibility Act (the Act), a new piece of legislation introduced in the House of Representatives. The Act’s intended purpose was to give employers more latitude...more

House Passes Legislation Modifying Existing PPP Regulations

On May 28, 2020, the U.S. House of Representatives passed the Paycheck Protection Program Flexibility Act of 2020 (the Act), new legislation meant to provide additional assistance to small businesses and loosen regulations...more

The Paycheck Protection Program Loan Forgiveness Application: Cracking the Code and Deciphering the Confusion

As noted in our previous alert, SBA recently released its long-awaited PPP Loan Forgiveness Application. Unfortunately, the Forgiveness Application is difficult to understand and complete. To help crack the code, we have put...more

CARES Act Section 3610 – Part 2: A Rock and A Hard Place

In this second part of our blog series on the CARES Act Section 3610 (visit this link for Part 1), we move on to the conflicting information out there, and the basis of one of the most frequently asked questions we receive:...more

CARES Act Section 3610 – Part 1: Confusion and Shifting Sands

As we noted previously, last week Defense Pricing and Contracting issued draft instructions and requirements for contractors submitting funding requests under Section 3610 of the CARES Act. These requirements contain some...more

DOD Issues New CARES Act, Section 3610 Guidance

Guidance from the Department of Defense (DOD) has finally been issued related to Section 3610 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which allowed for payments to federal contractors to keep...more

SBA Issues Long-Awaited PPP Loan Forgiveness Application

SBA recently issued its 11-page Paycheck Protection Program Loan Forgiveness Application, linked here. The application walks borrowers through a step-by-step process to determine loan forgiveness amounts based upon the...more

SBA, Treasury Issue New Guidance Concerning Good-Faith Certification on the Necessity of Their Loan Request

On May 13, 2020, the Small Business Administration (“SBA”) and Treasury Department (“Treasury”) released new guidance concerning good-faith certification for Paycheck Protection Program (“PPP”) loan requests. This new...more

House Introduces New Legislation Allowing Startups To Access PPP Funding

On May 8, 2020, Congresswomen Anna Enshoo and Cathy McMorris introduced the Caring for Startup Employees Act of 2020, a bipartisan piece of legislation aimed at granting more economic assistance to startup companies through...more

New Senate Bill Could Make PPP Expenses Tax Deductible

On May 6, 2020, members of the Senate Finance Committee introduced the Small Business Expenses Protection Act of 2020 (“the Act”), legislation that would allow some small businesses to deduct from their taxes expenses paid...more

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