News & Analysis as of

CARES Act Loan Forgiveness Loans

Bradley Arant Boult Cummings LLP

PPP Loan Credits and Government Contracts: What Contractors Need to Know During Incurred Cost Reviews

As federal contractors continue to navigate the post-pandemic compliance landscape, a recurring issue has emerged in government audits and incurred cost reviews: whether and how contractors must credit the government for...more

Bradley Arant Boult Cummings LLP

Interplay of the Cares Act's Forbearance Framework and Regulation X's Loss Mitigation Rules

On March 13, 2020, President Donald Trump declared a national emergency in response to the novel coronavirus disease (COVID-19). Shortly thereafter, to assist consumers impacted by the COVID-19 pandemic, Congress passed the...more

Schwabe, Williamson & Wyatt PC

10 Things to Know about Second Draw PPP Loans as Updated for the Economic Aid Act and the ARP Act - Update #5

On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more

Morrison & Foerster LLP

DOJ Enforcement Actions Involving COVID-19 Relief Fraud: An Update

Soon after Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in March 2020, the Criminal Division of the U.S. Department of Justice (DOJ) moved quickly to address potential COVID-19 related...more

Alston & Bird

Paycheck Protection Program Restart and New Interim Final Rules

Alston & Bird on

With the latest round of the Paycheck Protection Program comes a pair of interim final rules from the Small Business Administration. Our Financial Services & Products Group explores the significant changes to the PPP brought...more

Patterson Belknap Webb & Tyler LLP

Paycheck Protection Program Act Update: Consolidated Appropriations Act, 2021

The Consolidated Appropriations Act, 2021 (the “Act”), which was signed into law on December 27, 2020, includes several updates to the Paycheck Protection Program (the “PPP”) originally established by the Coronavirus Aid,...more

K&L Gates LLP

2021: A New Year, the Same Fear - Why Companies Should Expect a Wave of PPP Investigations

K&L Gates LLP on

Four months after the expiration of the $659 billion forgivable loan relief program established by the CARES Act, the federal government has disbursed approximately 5.2 million Paycheck Protection Program (PPP) loans....more

Arnall Golden Gregory LLP

SBA’s New PPP Loan Necessity Questionnaires Target PPP Recipients with Loans of $2M

On October 31, 2020, the U.S. Small Business Administration (“SBA”) published a Notice in the Federal Register seeking approval from the Office of Management and Budget for the collection of information through, among other...more

Nelson Mullins Riley & Scarborough LLP

SBA Releases Questionnaire for PPP Economic Necessity Certification for Borrowers of $2 Million or Greater

All applicants for Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act were required to certify in good faith that current economic uncertainty made the PPP loan...more

Dickinson Wright

IRS Announces No Information Returns To Be Filed for PPP Loan Forgiveness

Dickinson Wright on

Under the Paycheck Protection Program (“PPP”) established by the CARES Act, a borrower is eligible for forgiveness of all or a portion of the principal amount of a loan made in accordance with the PPP if certain conditions...more

Maynard Nexsen

PPP Loan Audits: What to Expect, and How to Appeal

Maynard Nexsen on

The Paycheck Protection Program (PPP), as established by the CARES Act and subsequent guidance found in the PPP Interim Final Rules, provides loans and loan forgiveness based on borrower's certifications and documentation...more

BakerHostetler

M&A Considerations for Buyers of Targets with PPP Loans

BakerHostetler on

While the Paycheck Protection Program (PPP), created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has provided much-needed relief to small businesses in response to the COVID-19 pandemic in recent...more

Arnall Golden Gregory LLP

PPP Update: SBA’s Loan Forgiveness Portal May be Coming Online, but Uncertainty Continues

Through the Paycheck Protection Program (“PPP”), which was authorized by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), banks certified as 7(a) lenders by the U.S. Small Business Administration (“SBA”)...more

K&L Gates LLP

COVID-19: Buying and Selling PPP Borrowers

K&L Gates LLP on

INTRODUCTION - More than 4.5 million U.S. businesses have received loans through the Paycheck Protection Program (PPP), which was created under the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). PPP loans...more

Davis Wright Tremaine LLP

Summary of Paycheck Protection Program Flexibility Act of 2020 (Updated)

Update June 08: This blog has been updated to reflect current guidance about the Paycheck Protection Program Flexibility Act of 2020. The U.S. House and Senate recently passed the Paycheck Protection Program Flexibility Act...more

Davis Wright Tremaine LLP

Summary of Paycheck Protection Program Flexibility Act of 2020

The U.S. House and Senate recently passed the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which has been signed into law by the President. As its name implies, the Flexibility Act modifies some of...more

Orrick, Herrington & Sutcliffe LLP

Recent PPP Developments: New Legislation Passed Enhancing Borrower Benefits Under PPP Loans

The Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”) was signed into law on June 5, 2020 (the “Enactment Date”). As summarized below, the PPP Flexibility Act makes certain Paycheck Protection...more

Ballard Spahr LLP

UPDATED: Payroll Protection Program Expanded to Aid Small Businesses, but Workforce Questions Remain

Ballard Spahr LLP on

Section 1102 of the CARES Act creates the Paycheck Protection Program (PPP), which is intended to provide funds for small businesses affected by COVID-19 to maintain their workforce. ...more

Lewitt Hackman

Major Changes to Loan Forgiveness Rules Under the Paycheck Protection Program

Lewitt Hackman on

As of June 4, 2020 - On March 27, 2020, Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which is an approximately $2 trillion stimulus and economic...more

White and Williams LLP

Making It Up As We Go Along?: Real-Time Changes to Paycheck Protection Program Continue with Release of Additional Rules

The U.S. Small Business Administration (SBA) continues to fine-tune the terms of the Paycheck Protection Program (PPP) with the release of a fifth interim final rule on disbursements on April 28th (the Fifth Rule) and a sixth...more

Butler Snow LLP

The CARES Act and Nonprofit Organizations

Butler Snow LLP on

Nonprofit organizations are included among the several different types of beneficiaries under the CARES Act $2.2 trillion economic relief passed by Congress in response to the COVID-19 pandemic. That said, not all types of...more

Partridge Snow & Hahn LLP

How Nonprofits Can Benefit From The CARES Act - Summary of Provisions

On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). The CARES Act benefits nonprofit organizations. The below summary contains highlights of several applicable...more

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