News & Analysis as of

Small Business Paycheck Protection Program (PPP) 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

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

Lippes Mathias LLP

The Rise and Fall of the Paycheck Protection Program

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The Long-Term Effects Felt by Lenders Nationwide. As a result of the United States government instituting the Paycheck Protection Program (“PPP”), companies nationwide have defaulted on hundreds of thousands of PPP loans,...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

Orrick - Finance 20/20

Federal Reserve Board Announces the Second Extension of a Rule to Bolster the Effectiveness of the SBA’s PPP

Orrick - Finance 20/20 on

On February 9, The Federal Reserve Board announced the second extension to a temporary modification of the Board’s rules that allows certain bank directors and shareholders to apply to their banks for Small Business...more

Hutchison PLLC

Paycheck Protection Program 2.0: Second Draw Loans and Other Updates

Hutchison PLLC on

On December 27, 2020, the Economic Aid to Hard-Hit Small Business, Nonprofits and Venues Act (the “Act”) became law. The Act included $284 billion of additional funding under the Paycheck Protection Program (the “PPP”). The...more

Wiley Rein LLP

PPP Loan Program Re-Opens

Wiley Rein LLP on

As we recently detailed, on January 6, 2021, the Small Business Administration (SBA) issued two Interim Final Rules (first rule and second rule) setting forth the regulations for the newly authorized round of PPP funding,...more

Snell & Wilmer

New COVID-19 Relief Bill Adds PPP ‘Second Draw’ Loans and Modifications to Original PPP

Snell & Wilmer on

On December 27, the Consolidated Appropriations Act of 2021 (the “Act”) was signed into law. This Act makes available $284 billion for second draw loans under the Paycheck Protection Program (“PPP-2”) and also makes important...more

Nelson Mullins Riley & Scarborough LLP

Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act Provides Additional Funding to Small Businesses Under the...

In response to the continued market disruption and economic impact of the COVID-19 pandemic, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, or the Act, on December 21, 2020 as a part...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

Goodwin on

In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Oberheiden P.C.

SBA Loan Fraud Defense—How to Defend Against an Indictment

Oberheiden P.C. on

Tips on Preparing to Defend Against Allegations of SBA Loan Fraud During the COVID-19 Crisis - Federal emergency relief legislation—including the Coronavirus Aid, Recovery, and Economic Security Act (“CARES Act”)—has...more

Saul Ewing LLP

Paycheck Protection Loan Application Period Extended to August 8, 2020

Saul Ewing LLP on

The Paycheck Protection Program (PPP) was expected to stop accepting loan applications on June 30, 2020, but that date has now been extended to August 8, 2020. ...more

Nelson Mullins Riley & Scarborough LLP

Deadline to Apply for PPP Extended by Congress to August 8, 2020

Congress has extended the deadline for small businesses to apply for forgivable loans under the Paycheck Protection Program (“PPP”) to August 8, 2020. The previous deadline was June 30, 2020. There are approximately $130...more

Bracewell LLP

Major Changes Coming To PPP With Paycheck Protection Flexibility Act

Bracewell LLP on

The Paycheck Protection Program Flexibility Act (PPFA), passed by both houses as of June 3, makes significant changes to the Paycheck Protection Program affecting both new and existing loans, including reducing the amount of...more

Holland & Hart LLP

Federal Reserve's Main Street Lending Program offers Liquidity to Small and Medium-Sized Businesses

Holland & Hart LLP on

The Board of Governors of the Federal Reserve System (the Fed) recently released terms for its Main Street Lending Program (MSLP), a program authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)...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

BakerHostetler

Summary of SBA's COVID-19 EIDL Loan Program

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With the dire economic contractions occasioned by the rapid spread of COVID-19 nationally and globally, many businesses are quickly running short of capital to make payroll, pay rent, cover other critical overhead and remain...more

Goodwin

The CARES Act: What Banks Need to Know

Goodwin on

Recognizing the critical role that banks and other financial institutions play in providing capital and liquidity to American businesses and consumers, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the...more

Faegre Drinker Biddle & Reath LLP

Labor and Employment Issues in the CARES Act

On March 27, 2020 the House passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act) – the largest stimulus package in U.S. history – in response to the economic crisis caused by the coronavirus pandemic. The...more

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