Despite billions of dollars in funds remaining and available to the Paycheck Protection Program ("PPP") to provide small business loans, Congressional discussions to extend the program stalled last week, and the PPP loan...more
8/10/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Popular ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
The ever-changing rules around Paycheck Protection Program loans have continued to evolve. With the PPP Flexibility Act, borrowers were given more freedom and flexibility to spend the funds with the possibility of full...more
On Saturday, President Trump signed into law a bill providing a temporary extension of the Paycheck Protection Program, which was initially set to expire on June 30. Businesses that have not yet taken advantage of the program...more
Since the Paycheck Protection Program Flexibility Act (the “Flexibility Act”) was passed on June 5, 2020, the SBA has released several updates to the Program, including the June 11, 2020 Interim Final Rule on Revisions to...more
6/17/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Federal Loans ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
On Wednesday, June 3, the U.S. Senate passed the Paycheck Protection Program ("PPP") Flexibility Act (the "Act"). The Act was approved by the House on Thursday, May 28 and passed the Senate in a unanimous vote....more
On Friday evening, the Small Business Administration (“SBA”) and Treasury published the long-awaited Paycheck Protection Program (“PPP”) Loan Forgiveness Application. The form also provides for an Alternative Payroll Covered...more
As discussed here, yesterday in FAQ #46, the SBA stated that “[a]ny borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the...more
As discussed here, yesterday the SBA announced that it would no longer be accepting new applications for the Emergency Injury Disaster Loan Program or the Payroll Protection Program (“PPP”)....more
Since the enactment of the CARES Act on March 27, the U.S. Treasury has issued guidance interpreting the Paycheck Protection Program (“PPP”) under the Act. It published an Information Sheet, which provides that the interest...more
4/3/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief