News & Analysis as of

Coronavirus/COVID-19 › CARES Act › Small Business

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +
Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -
Bradley Arant Boult Cummings LLP

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

Bradley Arant Boult Cummings LLP on

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

Benesch

Paycheck Protection Program (“PPP”) Loan Fraud: A Survey & Analysis of Recent Civil & Criminal Enforcement Outcomes

Benesch on

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was a federal law enacted in or around March 2020 designed to provide emergency financial assistance to the millions of Americans who were suffering the...more

J.S. Held

Current Enforcement Efforts in the Battle Against COVID-19 Loan Program Fraud

J.S. Held on

The COVID-19 pandemic caused unprecedented impacts around the world including stay-at-home orders, curfews, quarantines, and economic uncertainty. Businesses across the United States were forced to close their doors, limit...more

Troutman Pepper Locke

Too Much of a Good Thing: Congress Allows Increased Subchapter 5 Eligibility Level to Expire

Troutman Pepper Locke on

Over the past few years, one of the universally celebrated success stories in the bankruptcy and restructuring world has been Subchapter V of the Bankruptcy Code. Created by the Small Business Reorganization Act of 2019 (the...more

Levenfeld Pearlstein, LLC

Congress Considers Another Extension to the Subchapter V $7.5 Million Debt Limit

Levenfeld Pearlstein, LLC on

On February 19, 2020, Congress enacted the Small Business Reorganization Act (“SBRA”) to, among other things, streamline the chapter 11 bankruptcy process for a small business by creating subchapter V of the Bankruptcy Code....more

McDermott Will & Schulte

The PPP Turns Four: Lessons Learned and What Lies Ahead

McDermott Will & Schulte on

Four years ago this month, lenders began dispersing Paycheck Protection Program (PPP) loans to small businesses in what would become the largest Small Business Administration (SBA) lending program in history. The SBA approved...more

Dinsmore & Shohl LLP

PPP Loan Investigations and Prosecutions are on the Rise

Dinsmore & Shohl LLP on

In recent months, a number of agencies, including the Federal Bureau of Investigation (“FBI”), have been working diligently to identify businesses and individuals who committed alleged fraud through the Paycheck Protection...more

Miller Canfield

Debt Limit to Qualify for Subchapter V and Chapter 13 Set to Revert This Summer

Miller Canfield on

In 2022, Congress passed the Bankruptcy Threshold Adjustment and Technical Corrections Act (the “Act”), raising the debt limits for bankruptcy cases under the Small Business Reorganization Act (“SBRA,” a.k.a. “Subchapter V”)...more

Bradley Arant Boult Cummings LLP

PPP and Pandemic Fraud Recoveries Significant for DOJ in FY 2023

Bradley Arant Boult Cummings LLP on

The Department of Justice (DOJ) recently announced that it obtained more than $2.68 billion in False Claims Act (FCA) settlements and judgments in the fiscal year ending September 23, 2023. DOJ reports that “matters that...more

Buckingham, Doolittle & Burroughs, LLC

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

Buckingham, Doolittle & Burroughs, LLC on

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more

Buchalter

PPP Lender Liability, Enforcement, & Fintech Challenges

Buchalter on

The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly...more

Harris Beach Murtha PLLC

Fraud Investigations into COVID-Era PPP and EIDL Loans Increasing

Harris Beach Murtha PLLC on

The Department of Justice continues to have its task forces throughout the U.S. investigate and prosecute fraudulent use of funds from the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs...more

Ballard Spahr LLP

FinCEN Issues Alert on COVID-19 Employee Retention Tax Credit Fraud

Ballard Spahr LLP on

On November 22, 2023, the Financial Crimes Enforcement Network (“FinCEN”), in close coordination with the Internal Revenue Service (“IRS”) Criminal Investigation (“CI”), issued an alert (“Alert”) regarding the COVID-19...more

Foley & Lardner LLP

Cos. Should Heed IRS Warnings About Employee Tax Credit

Foley & Lardner LLP on

For most businesses, turning the calendar to 2023 meant putting the pandemic and any of its tax-related effects further in the rearview mirror. One notable exception, however, is the employee retention credit, or ERC,...more

McDermott Will & Schulte

PPP Loan Appeals, SBA Clawbacks and More: What You Need to Know

McDermott Will & Schulte on

Last year, we published an article titled “What to Do if Your PPP Forgiveness Application Is Denied.” Today, we share some insights into the Paycheck Protection Program (PPP) and appeals process based on our representation of...more

Polsinelli

Screening Failures Caused PPP Fraud

Polsinelli on

On December 1, 2022, the House Select Subcommittee on the Coronavirus Crisis released a staff report describing the poor performance of the financial technology companies that took a prominent role in administering the...more

Adams & Reese

More Businesses Now Eligible for Employee Retention Credit (ERC) – Do You Qualify?

Adams & Reese on

What is the ERC? Congress introduced the Employee Retention Credit (ERC) as part of the CARES Act to encourage businesses to keep employees on their payroll during the pandemic. ...more

Bass, Berry & Sims PLC

PPP Enforcement Actions Gather Steam

Bass, Berry & Sims PLC on

The Paycheck Protection Program (PPP) was intended to provide a fast influx of assistance to small businesses during the economic shock created by the COVID-19 pandemic. The speed with which loans were distributed to...more

Adams & Reese

Eligibility for CARES Act ERC Program Worth a Second Look for Many Small Businesses

Adams & Reese on

The Employee Retention Credit (ERC), established by Congress in the CARES Act in March 2020, is for businesses subject to closure due to COVID-19. ERC is a refundable payroll tax credit that eligible employers may claim for...more

PilieroMazza PLLC

Fraud Allegations Could Bedevil Borrowers in SBA COVID-19 Relief Programs for Many Years

PilieroMazza PLLC on

As everyone who has been tracking the COVID-19 relief programs since 2020 knows, at the outset there was massive confusion about the programs’ requirements as well as fear that funding could run out before businesses with...more

Venable LLP

Businesses Affected by COVID-19 in 2020 or 2021 Can Still Claim Tax Credits

Venable LLP on

While many businesses have already taken advantage of the opportunities available to them under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent COVID‑19 relief legislation, there are still...more

Lowenstein Sandler LLP

Senate’s Bankruptcy Threshold Adjustment and Technical Corrections Act Retains $7.5 Million Eligibility for Subchapter V Small...

Lowenstein Sandler LLP on

The Small Business Reorganization Act (SBRA) went into effect on Feb. 19, 2020, creating Subchapter V of the Bankruptcy Code. Acknowledging that a bankruptcy proceeding is not “one size fits all” and that a Chapter 11...more

Womble Bond Dickinson

Sun Sets on Increased Subchapter V Debt Limit for Now

Womble Bond Dickinson on

A key bankruptcy-related response to the pandemic has ended as the increased debt limits under subchapter V of chapter 11, passed by Congress in the CARES Act, have expired. In an effort to provide bankruptcy relief and...more

Levenfeld Pearlstein, LLC

Increase in Subchapter V Debt Limit Poised to be Made Permanent

Levenfeld Pearlstein, LLC on

On February 19, 2020, Congress enacted the Small Business Reorganization Act (“SBRA”) to, among other things, streamline the chapter 11 bankruptcy process for a small business. Under the SBRA, a “small business” was one with...more

McDermott Will & Schulte

What to Do if Your PPP Forgiveness Application Is Denied

McDermott Will & Schulte on

The Small Business Administration’s (SBA) public data indicates that more than 98% of the total Paycheck Protection Program (PPP) loan value requested to be forgiven by borrowers has been forgiven by the SBA (approximately...more

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