Late last month, the federal government committed $349 billion dollars in forgivable loans to small businesses under the Paycheck Protection Program (“PPP”), which was part of the Coronavirus Aid, Relief, and Economic...more
Here we clarify PPP eligibility requirements for independent contractors, sole proprietors and individuals with self-employment income, as well as additional guidance regarding partnerships and other issues.
On Tuesday,...more
Since April 3, 2020, the Small Business Administration (SBA) has approved more than 100,000 small business applicants for the new Paycheck Protection Program (PPP) loans. Despite the high number of approved applicants, few...more
As small businesses backed by venture capital or private equity analyze whether they may qualify for the benefits of the SBA Paycheck Protection Program (PPP), we are starting to see “knee-jerk” reactions by many of these...more
The SBA Paycheck Protection Program (PPP) was enacted to provide loans to small businesses to protect and maintain jobs. For those small businesses backed by venture capital or private equity, however, the affiliation rules...more
Relief for mid-sized businesses covered in Title IV of the CARES Act has been overshadowed by discussions of that provided for small businesses. This alert covers relief available to businesses and non-profit organizations...more
Under the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”), eligible small businesses may borrow up to 250% of their average monthly payroll costs from most banks and certain other SBA-approved...more
The $349 billion Payment Protection Program (PPP) established by Title I of the Coronavirus Aid, Relief, and Economic Stability Act (CARES Act) is intended to help small businesses sustain themselves and keep their workers...more
Information regarding the affiliate rules that can impact access to the Small Business Administration (SBA) Paycheck Protection Program (PPP) under the CARES Act for our venture capital-backed clients is complex. Although...more
On March 31, 2020, the U.S. Small Business Administration (SBA) released the Paycheck Protection Program Application Form for use with the SBA Paycheck Protection Program (PPP) loans. Applications for PPP loans may be...more
On Friday, March 27, 2020, the President signed into law The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides up to $2 trillion to address the severe economic dislocation caused by the...more