News & Analysis as of

U.S. Treasury Certification Requirements

Morgan Lewis

The GENIUS Act’s Stablecoin Regulatory Scheme Promotes Uniformity But May Fall Short

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As the stablecoin market continues to evolve at lightning speed, regulation of these innovative financial products has strived to keep apace. While the GENIUS Act in the United States has created a robust regulatory...more

Verrill

IRS Issues Guidance Addressing Matching Contributions on Student Loan Payments

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Section 110 of the SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers maintaining a 401(k), 403(b), governmental 457(b), or SIMPLE IRA plan to make matching contributions based on qualified student loan payments...more

Moore & Van Allen PLLC

Treasury Department Again Issues New Guidance on PPP Loan “Necessary to Support Ongoing Operations” Certification

Moore & Van Allen PLLC on

On April 23, 2020, the Treasury Department issued updated guidance (“FAQ 31”) regarding a confusing aspect of the CARES Act’s popular Payroll Protection Program (“PPP”). A day later, on April 24, 2020, the Treasury...more

Woods Rogers

PPP Loan Forgiveness Application

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This Article is based on information available as of May 18, 2020.  The information is subject to change as additional guidance is provided. The SBA has now published its PPP Loan Forgiveness Application (SBA Form 3508) which...more

Woods Rogers

Additional guidance from the SBA on "available liquidity" element of certifications for PPP Loans – Safe Harbor extended to May...

Woods Rogers on

Since the passage of the CARES Act and the SBA completing the first round of PP Loans, companies have been dealing with an ever changing set of guidelines interpreting the eligibility requirements for a PPP Loan and the...more

Lathrop GPM

Paycheck Protection Program (PPP) update, with our own “Frequently Asked Questions”

Lathrop GPM on

Anyone closely considering or utilizing the PPP has undoubtedly heard about the U.S. Small Business Administration’s (SBA’s) so-called “Frequently Asked Questions” (FAQs) that the agency has been issuing and updating on a...more

Holland & Knight LLP

SBA Provides Safe Harbor for PPP Borrowers Receiving Less than $2 Million

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The U.S. Small Business Administration (SBA) has released guidance just one day before its safe harbor repayment deadline of May 14, 2020, to help a Paycheck Protection Program (PPP) borrower determine whether it lacked a...more

Harris Beach Murtha PLLC

Treasury/SBA Extend “Safe Harbor” Period to May 18, 2020

On May 13, 2020, the US Treasury and Small Business Administration released additional guidance regarding the Paycheck Protection Program loans, extending the “Safe Harbor” period for borrowers to return loans for which they...more

McCarter & English, LLP

SBA Issues Guidance On Good Faith Necessity Certification Safe Harbor, Limits PPP Funds To $20 Million For Corporate Groups

The SBA has provided a good faith necessity certification safe harbor for certain PPP borrowers with loans less than $2 million and also has limited PPP funds to $20 million for corporate groups...more

Porter Hedges LLP

Alert: "SBA Issues Additional Guidance On Good Faith 'Necessity' Certification Of PPP Loans"

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On May 13, 2020, the Small Business Administration (SBA) announced additional guidance regarding the good faith “necessity” certification for Paycheck Protection Program (PPP) loans in the form of a new Frequently Ask...more

Fisher Phillips

Businesses That Obtained PPP Loans Under $2M Will Not Be Audited (UPDATED)

Fisher Phillips on

One long week after the U.S. Treasury announced that it was extending the Paycheck Protection Program Loan “safe harbor” deadline to May 14, the U.S. Treasury announced this morning that borrowers whose loan amount (combined...more

Jackson Walker

SBA Offers Safe Harbor on PPP Good Faith Certifications of Necessity

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When submitting a Paycheck Protection Program (PPP) loan request, medical providers and all other borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the...more

Dentons

PPP Money: Demonstrating You Meet the SBA Requirements

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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created the Paycheck Protection Program (PPP), authorizing certain businesses to apply for loans, a portion of which was eligible for forgiveness through the...more

Eversheds Sutherland (US) LLP

New guidance issued on Paycheck Protection Program; loans with original amounts under $2 million will be deemed in good faith

The Treasury and the Small Business Administration (SBA) today updated its set of Frequently Asked Questions (FAQs) with respect to the Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief, and...more

Nutter McClennen & Fish LLP

PPP Good Faith Certification Safe Harbor Announced by SBA

On May 13, the SBA published FAQ #46 in its continuing list of frequently asked questions, regarding the review of borrower’s good faith certification of the necessity of their loan request. Notably, the SBA announced that...more

UB Greensfelder LLP

The CARES Act Update – Safe Harbor Materially Revised

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UPDATED May 14, 2020 – On May 13, 2020, the U.S. Treasury Department announced an additional automatic extension of the Safe Harbor deadline from May 14, 2020 to May 18, 2020. May 13, 2020 – The rules and ground shifted...more

Miles & Stockbridge P.C.

Small Business Administration Provides Welcome Guidance on PPP Loan Certification

On May 13, 2020, the U.S. Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, provided the following critical guidance on the good-faith certification requirement for Payroll...more

Genova Burns LLC

SBA Finally Issues Anticipated Further Guidance on Borrower’s Good Faith for Certification of Necessity

Genova Burns LLC on

The Treasury Department has released an update of the Program FAQs for the Paycheck Protection Program, addressing Question 31, which had imposed a heightened, but uncertain, standard of need on borrowers, suggesting many may...more

Dentons

Can I Keep PPP Money? Should I? SBA Clarifies

Dentons on

On May 13, the Small Business Administration (SBA) issued additional guidance concerning its implementation of the Paycheck Protection Program (PPP), specifically, the required certification that loan recipients have a true...more

Harris Beach Murtha PLLC

Treasury/SBA Announce Added Protections for Borrowers Who Make Good-Faith “Economic Necessity” Certification under the Paycheck...

Many Paycheck Protection Program (“PPP”) loan borrowers have been considering whether or not to return some or all of their loan proceeds on May 14th, the last day of the “Safe Harbor” period. On May 13, the United States...more

Ruder Ware

New PPP FAQ — Good Faith Certification of Economic Uncertainty

Ruder Ware on

The US Department of Treasury released FAQ #46 this morning providing guidance on “how will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request.”...more

Holland & Knight LLP

Safe Harbor Deadline for Repayment of PPP Loans Extended from May 7 to May 14

Holland & Knight LLP on

The U.S. Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, has extended the deadline to repay Paycheck Protection Program (PPP) loans by one week. In further response to the SBA's...more

Eversheds Sutherland (US) LLP

Treasury and SBA issue new guidance on Paycheck Protection Program and extend the “safe harbor” repayment date to May 14th

The Treasury and SBA today updated a set of Frequently Asked Questions (FAQs) with respect to the Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in order...more

Woods Rogers

Certifications made on application for a PPP Loan

Woods Rogers on

Since the passage of the CARES Act and the SBA completing the first round of PPP Loans, companies have been dealing with an ever changing set of guidelines interpreting the eligibility requirements for a PPP Loan and the...more

Benesch

Paycheck Protection Program

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Recent news reports as to the making of Paycheck Protection Program (PPP) loans to certain large and well-known businesses prompted the Small Business Administration (SBA) to issue guidance that potential borrowers must take...more

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