Introduction
•The First Draw Consolidated IFR also applies to loan forgiveness applications submitted under the Paycheck Protection Program before enactment of the Economic Aid Act where SBA has not remitted the...more
I. Introduction-
On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) into law to provide continued assistance to individuals and...more
On June 5, 2020, certain key provisions of the CARES ACT regarding the Paycheck Protection Program (PPP) were amended by passage of that certain Paycheck Protection Program Flexibility Act of 2020, as supplemented by those...more
6/23/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Final Rules ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Expenses ,
Relief Measures ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Deferral ,
Time Extensions
Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations, government guidance and other government action; thus, certain details regarding the...more
Between May 20 and May 22, SBA announced three new Interim Final Rules and the U.S. Department of Justice (DOJ) announced three new fraud prosecutions stemming from PPP loans. Those prosecutions reflect that the DOJ does not...more
5/26/2020
/ Borrowers ,
CARES Act ,
Certifications ,
Coronavirus/COVID-19 ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Fraud ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Recordkeeping Requirements ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Statute of Limitations
Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified...more
Background: On March 27, 2020, the U.S. House of Representatives passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the CARES Act), which the President subsequently signed it into law. The CARES Act...more
One of the critical components of the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”) is a new type of US Small Business Administration (SBA) loan program known as the Paycheck Protection Program...more