The first PPP loans now near the end of their eligible 8 week period: significant questions persist and pressure is mounting on the SBA and Treasury to implement program revisions. ...more
CARES Act: Paycheck Protection Program Loans -
In guidance issued in late April, after many Paycheck Protection Program (“PPP”) loans had already been funded and the proceeds were being spent, the SBA said borrowers needed...more
5/14/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Eligibility ,
Good Faith ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
Small Business Loans ,
Time Extensions
What happens to Paycheck Protection Program (“PPP’) forgiveness amounts if the borrower lays off an employee and then offers to rehire the employee, but the employee declines the offer?...more
Prompted by the public clamor surrounding the participation of large, publicly traded and deeply capitalized companies in the Paycheck Protection Program (“PPP”), on April 23, 2020, the Small Business Administration (“SBA”)...more
4/30/2020
/ Audits ,
Business Necessity ,
Eligibility ,
Federal Loans ,
Good Faith ,
Liquidity ,
New Guidance ,
Privately Held Corporations ,
Returned Funds ,
Safe Harbors ,
SBA ,
Time Extensions
Following criticism that large restaurant chains were able to obtain funds before the loan program had been depleted - seemingly shutting out much smaller restaurants - Shake Shack has publicly announced that it is returning...more
4/23/2020
/ Borrowers ,
Certifications ,
Eligibility ,
Franchises ,
Good Faith ,
Midsize and Large Business Loans ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Publicly-Traded Companies ,
Restaurant Industry ,
Returned Funds ,
Safe Harbors ,
SBA