News & Analysis as of

Corporate Counsel Coronavirus/COVID-19 SBA Lending Programs

Husch Blackwell LLP

Mid-Year Update: PPP Investigations Continue as DOJ Enforcement Priority

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As we enter the second half of 2025—over five years now since the COVID-19 pandemic began—federal government scrutiny relating to Paycheck Protection Program (PPP) loans received in the early days of the pandemic is still...more

Cozen O'Connor

New PPP Forgiveness Guidance And Forms

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On January 19, SBA issued an interim final rule governing forgiveness of Paycheck Protection Program loans and also issued new versions of the three forgiveness application forms, including a streamlined form for loans up to...more

Miller Canfield

Congress Permits SBA to Make PPP Loans to Debtors in Bankruptcy, SBA Says "No"

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In June and December of 2020, Miller Canfield reported that the Fifth and Eleventh Circuits had held that the Small Business Administration ("SBA") may exclude debtors in bankruptcy from consideration for Paycheck Protection...more

Seyfarth Shaw LLP

SBA Posts Interim Final Rules Implementing Changes to First Draw and Second Draw Loans under the Paycheck Protection Program

Seyfarth Shaw LLP on

On January 6, 2020, the Small Business Administration (“SBA”) issued its much anticipated Interim Final Rules (“IFR”) under the $2.3 trillion coronavirus relief and government funding act, the Economic Aid to Hard-Hit Small...more

Lathrop GPM

Relief Is On the Way: The Second COVID-19 Relief Bill and What You Need to Know

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Just before midnight on December 21, 2020, Congress passed the Consolidated Appropriations Act of 2021 (the “Act”), a nearly 5,500 page stimulus bill allocating roughly $900 billon of much needed relief to United States...more

Nossaman LLP

PPP Loans and Changes of Ownership: Considerations for M&A Transactions

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The Small Business Administration (“SBA”) has issued long-awaited rules governing lender and borrower obligations when there is a change in ownership of an entity that has received a Paycheck Protection Program (“PPP”) loan....more

Husch Blackwell LLP

SBA Issues Guidance For Ownership Changes Under PPP

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Businesses contemplating mergers and/or acquisitions (M&A) during this worldwide pandemic have wrestled with the question of how to treat a target company that reveals an outstanding Paycheck Protection Program (PPP) loan on...more

BCLP

PPP: Can Forgivable Payroll Costs Exceed Loan Amount?

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Yes, in completing a Paycheck Protection Program loan forgiveness application, we believe a borrower can appropriately report actual payroll costs during the applicable covered period in excess of the original PPP loan...more

Lowndes

New PPP Updates Since the Passing of the Paycheck Protection Program Flexibility Act

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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

Bond Schoeneck & King PLLC

SBA Authorizes PPP Loan Increases for Certain Partnerships

The U.S. Small Business Administration (SBA) issued guidance on May 13, 2020 which authorizes lenders to increase the amount of Paycheck Protection Program (PPP) loans previously disbursed to partnerships that did not have...more

Vinson & Elkins LLP

Ninth Circuit Holds That SBA Loan Fraud Was Alleged Too Late: Takeaways For SBA Borrowers And Lenders

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On April 1, 2020, the U.S. Court of Appeals for the Ninth Circuit affirmed a district court decision holding that a qui tam relator in a False Claims Act (“FCA”) action failed to file its complaint alleging Small Business...more

Littler

A PPP Dilemma: Can Employers Exclude Employees Who Refuse to Return to Work from their Loan Forgiveness Calculation?

Littler on

One of the most enticing reasons to obtain a loan under the Paycheck Protection Program (PPP) is the potential for the loan’s forgiveness. The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized the...more

BCLP

The Hidden Cost of PPP Loans: U.S. Businesses Receiving Loans May Risk Civil Suits

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Since President Trump signed the “Coronavirus Aid, Relief, and Economic Security Act” (“CARES Act”) on March 27, 2020, small and large businesses across the United States have scrambled to obtain loans through the Paycheck...more

Constangy, Brooks, Smith & Prophete, LLP

What Employers Need To Know About The Economic Injury Disaster Loan program

The Economic Injury Disaster Loan program is a disaster relief program administered by the Small Business Association. The program, already in place when the coronavirus crisis hit, offers low-interest federal loans to help...more

Arnall Golden Gregory LLP

Despite Contrary Reports, Many PE and VC-Backed Companies May Be Eligible for Forgivable PPP Loans During the COVID-19 Crisis

The private equity and venture capital communities have advocated forcefully that their portfolio companies should be able access loans available under the Paycheck Protection Program (the “PPP”), the $349 billion U.S. Small...more

Stinson LLP

New Paycheck Protection Program FAQs Released

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On the night of April 6, 2020, the Small Business Administration (SBA) and the Department of the Treasury released answers to updated Frequently Asked Questions (FAQs) relating to the Paycheck Protection Program (PPP) on the...more

Troutman Pepper Locke

Paycheck Protection Program: Are You Feeling Small and Left Out? There May be an Answer for You

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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a new program within the U.S. Small Business Administration’s (SBA’s) flagship 7(a) Loan Program called the “Paycheck Protection Program” (PPP). Under...more

Morrison & Foerster LLP

Frequently Asked Questions About The Coronavirus Economic Stabilization Act Of 2020 (CESA)

In response to the COVID-19 public health emergency, which has dramatically affected global commerce, the U.S. healthcare system, and the U.S. economy, on March 27, 2020, the President signed into law the Coronavirus Aid,...more

Cooley LLP

Alert: SBA Programs Under the CARES Act: Are You Eligible for Federal Assistance?

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As has been well publicized, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a $2 trillion economic relief package enacted to help individuals and businesses in the United States weather the severe...more

Fox Rothschild LLP

CARES Act: A Comparison Of SBA Loan Programs For Small Businesses

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With Coronavirus Aid, Relief and Economic Security Act (CARES Act) now law, the following is intended to be helpful summary for small businesses evaluating which Small Business Administration (SBA) loan program – the Economic...more

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