The American Rescue Plan Act of 2021 permits Shuttered Venue Operators to apply for both Paycheck Protection Program loans and Shuttered Venue Operator Grants.
The American Rescue Plan Act, signed into law on March 11,...more
The Economic Aid Act continues the CARES Act’s Paycheck Protection Program with an additional $284 billion to provide forgivable loans to eligible small businesses, including certain borrowers that already received...more
1/15/2021
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Economic Injury Disaster Loans ,
Foreign Agents Registration Act (FARA) ,
Loan Forgiveness ,
NAICS ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Property Damage ,
Relief Measures ,
SBA ,
Small Business ,
Tax Deductions
The Small Business Administration’s questionnaires request information related not only to the economic condition of the borrower at the time it received the PPP loan, but also about its economic experience after receiving...more
11/3/2020
/ Borrowers ,
CARES Act ,
Good Faith ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Publicly-Traded Companies ,
Questionnaires ,
SBA ,
Small Business ,
Small Business Loans ,
U.S. Treasury
Potential merger partners of and investors in businesses that have received loans under the Paycheck Protection Program should be aware of particular risks and other diligence considerations.
Any potential merger partner or...more
9/2/2020
/ Audits ,
CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Due Diligence ,
Investors ,
Liquidity ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business
The SBA has continued its wave of regulations and guidance as PPP borrowers begin to apply for loan forgiveness.
New regulations address nuanced, but important, issues such as “owner-employee” compensation and the...more
8/28/2020
/ C-Corporation ,
CARES Act ,
Full-Time Employees ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
New Guidance ,
New Regulations ,
Owner-Employee Compensation ,
Paycheck Protection Program (PPP) ,
Pending Legislation ,
S-Corporation ,
SBA ,
Small Business
New law modifies the Paycheck Protection Program.
The President has signed into law the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which proposes to extend the period borrowers must spend the...more
The President has signed into law the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which proposes to extend the period borrowers must spend the forgivable Paycheck Protection Program (PPP) loans...more
COVID-19 stimulus payments come with restrictions and regulatory obligations.
Legal and compliance teams should be alert for the obligations organizations will assume through their acceptance of CARES Act relief....more
4/29/2020
/ CARES Act ,
Civil Liability ,
Compliance ,
Coronavirus/COVID-19 ,
Criminal Liability ,
Department of Justice (DOJ) ,
Economic Stimulus ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business
The CARES Act provides $350 billion for small business Paycheck Protection Loans and an additional $10 billion for the existing Economic Injury Disaster Loan program.
Under the CARES Act, Congress has appropriated $350...more
Guidance on forgiveness of Paycheck Protection Loans used for eligible purposes -
Borrowers may receive forgiveness of Paycheck Protection Loan amounts spent on payroll expenses, rent, mortgage interest and utilities during...more
The CARES Act’s Paycheck Protection Program includes a short-term amendment to the Small Business Act’s definition of “small business” to include any business that has 500 employees or fewer across all “affiliates.”
To...more