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COVID-19: SBA Updates PPP Rule to Implement New Flexibility Provisions

On June 11, 2020, the Small Business Administration (SBA) released a revised interim final rule to implement changes made by the Paycheck Protection Program (PPP) Flexibility Act. ...more

COVID-19: Congress Relaxes Paycheck Protection Program Rules

On Wednesday, June 3, 2020 the U.S. Senate passed House bill 7010, the Paycheck Protection Program (PPP) Flexibility Act of 2020. The bill, which would provide greater flexibility to PPP loan recipients, is next headed to the...more

U.S. House Passes Bill to Provide Greater Flexibility for PPP Borrowers; Senate to Act Next

On Thursday, May 28, 2020, the U.S. House of Representatives passed H.R. 7010, a bill that would provide businesses greater flexibility in how they spend Paycheck Protection Program (PPP) loan proceeds while still allowing...more

Additional Guidance Issued on PPP Loan Forgiveness, Loan Review Procedures

The Small Business Administration (SBA) recently released two interim final rules to accompany the new Paycheck Protection Program (PPP) Loan Forgiveness Application. ...more

COVID-19: PPP Loan Forgiveness Application Released

The ability to have a Paycheck Protection Program (PPP) loan forgiven is perhaps the most important part of the program—turning a low-interest loan into a grant. ...more

Paycheck Protection Program: SBA Clarifies Audit and Enforcement Intent Regarding Loan Recipient’s Financial Hardship...

On May 13, 2020, the Small Business Administration (SBA) updated its Frequently Asked Questions (FAQs) to provide important safe harbors on the Paycheck Protection Program’s (PPP) requirement that a borrower make a good faith...more

COVID-19: Expenses Paid with PPP Loans Are Not Tax-Deductible

Late on April 30, 2020 the IRS provided rather unwelcome guidance to Paycheck Protection Program (PPP) loan borrowers and potential borrowers. IRS Notice 2020-32 provides that no deduction will be allowed for otherwise...more

COVID-19: PPP Loans – Economic Need Determinations

***Update*** On April 28, Treasury Secretary Steven Mnuchin announced that the SBA will do a full review of any loan more than $2,000,000 under the PPP program. He also warned of criminal liability for borrowers who...more

COVID-19: Paycheck Protection Program Loan Forgiveness – What You Need to Know

Last week, hundreds of thousands of applications for loans under the Paycheck Protection Program (PPP) were submitted to banks all over the country, and it’s likely that many more will be submitted in the coming weeks. ...more

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