Updated February 24, 2022 -
Update: On January 27, 2022, the Small Business Administration (“SBA”) issued SBA Procedural Notice 5000-82766, SBA Loan Reviews of Paycheck Protection Program Lender Partial Approval...more
Update: On September 16, 2021, the Final Rule on Borrower Appeals of Final SBA Loan Review Decisions was posted and became effective on September 14, 2021 (the “Final Rule”). The Final Rule applies to all appealable final SBA...more
Update: On July 28, 2021, an Interim Final Rule on COVID-19 Revenue Reduction Score, Direct Borrower Forgiveness Process, and Appeals Deferment was posted. That Interim Final Rule conforms the applicable PPP rules to provide...more
As per our earlier articles, in late 2020, the SBA began requiring borrowers with First Draw PPP loans $2 million or greater to complete a PPP Loan Necessity Questionnaire (Form 3509 (For Profit Borrowers) or Form 3510...more
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There...more
From the inception of the COVID-19 pandemic, Oregon has sought to avoid a tsunami of evictions of both residential and commercial tenants. The tool employed most frequently is to suspend tenants’ obligation to pay rent. This...more
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There...more
2/2/2021
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits
Borrowers under the Small Business Administration’s (the “SBA”) Paycheck Protection Program (“PPP”) are required to either maintain or submit to lenders and the SBA certain documentation associated with their application for...more
1/28/2021
/ Appeals ,
Applications ,
Borrowers ,
CARES Act ,
Certifications ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
Required Documentation ,
Required Forms ,
SBA ,
Small Business
With recent updates to the Paycheck Protection Program (“PPP”) due to the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act” or “PPP2 Act”), new forgiveness application forms, and...more
1/27/2021
/ Amended Regulation ,
Appeals ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Filing Deadlines ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Rules of Practice ,
SBA
Lenders play a large role in the Paycheck Protection Program (“PPP”) loan forgiveness review and appeals process.
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act” or “PPP2...more
1/27/2021
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Required Documentation ,
Required Forms ,
SBA ,
Small Business
There are a few things to keep in mind in regard to the Small Business Administration (the “SBA”) and the Paycheck Protection Program (“PPP”) loan forgiveness review process.
Adding on to the initial PPP funding, the...more
1/27/2021
/ Amended Regulation ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Loan Applications ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Required Documentation ,
SBA ,
Small Business
On January 19, 2021, the Small Business Administration (the “SBA”) in consultation with the Department of Treasury (“Treasury”) posted new forgiveness application forms and the Interim Final Rule on Loan Forgiveness...more
1/27/2021
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Required Documentation ,
Required Forms ,
SBA ,
Small Business
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “PPP2 Act”) is contained in the Consolidated Appropriations Act, 2021 (“2021 Appropriations Act”), a $900 billion, nearly 5,600-page bill passed...more
1/7/2021
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Financial Stimulus ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits ,
Trump Administration
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “PPP2 Act”) is contained in the Consolidated Appropriations Act, 2021 (“2021 Appropriations Act”), a $900 billion, nearly 5,600-page bill passed...more
12/29/2020
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. There are...more
12/29/2020
/ Applications ,
Borrowers ,
Business Necessity ,
CARES Act ,
Certification Requirements ,
Confidential Information ,
Coronavirus/COVID-19 ,
Financial Institutions ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
SBA
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. The...more
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. The...more
Since the start of the COVID-19 pandemic, the State of Oregon and federal agencies have enacted various moratoria on residential and commercial evictions and foreclosures. These include the foreclosure moratorium set forth in...more
10/26/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Executive Orders ,
Fannie Mae ,
Foreclosure ,
Freddie Mac ,
Governor Brown ,
Moratorium ,
Mortgages ,
Relief Measures ,
Tenants
As of August 31, The Governor of Oregon extended House Bill 4204 until the end of the year, effectively prohibiting commercial and residential foreclosures until 2021.
The COVID-19 pandemic has affected business in ways...more
The COVID-19 pandemic has affected business in ways unseen before. Lawyers at Schwabe are monitoring legislative updates to help our clients understand the effects to their business and options available. Today we’re...more