Now that many clients have received (or are about to receive) the proceeds of Paycheck Protection Program (PPP) loans, we have been fielding many questions about how loan forgiveness is calculated. As of this writing,...more
Although the primary focus of this Client Alert is to summarize the key takeaways from the Enhancement Act (which as of April 23, 2020, at noon, awaits House and presidential approval), at the outset we would like to note...more
Due to increased political pressure, the pendulum has now clearly swung in favor of heightened scrutiny and enforcement in respect of PPP loans taken by public companies and portfolio companies of funds. On April 24, 2020,...more
There’s been confusion about the rules governing eligibility for SBA Section 7(a) loans, which we’ve elsewhere written about.1 That confusion focused on whether to conduct “affiliation” analysis under Section in Title 13 CFR...more
On April 14, 2020, the Small Business Administration (SBA) issued its third Interim Final Rule (the Third Interim Final Rule) on the Paycheck Protection Program (PPP) created by the CARES Act. Specifically, the Third Interim...more
We have been sharing client alerts about the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) created by the CARES Act. Below are some frequently asked questions and answers with respect to the PPP...more
On April 6, the Small Business Administration (SBA) issued further guidance answering frequently asked questions (FAQs) from both borrowers and lenders regarding the implementation of the Paycheck Protection Program (PPP),...more
Background: On March 27, 2020, the U.S. House of Representatives passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the CARES Act), which the President subsequently signed it into law. The CARES Act...more
On March 27, 2020, President Trump signed in to law an unprecedented economic relief package (the “CARES Act”) designed to help businesses and their employees ride out the economic turmoil caused by COVID-19. We have reviewed...more
One of the critical components of the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”) is a new type of US Small Business Administration (SBA) loan program known as the Paycheck Protection Program...more