On January 6, 2021, the SBA issued more detailed guidance on the implementation of Paycheck Protection Program (PPP) round 2. The biggest upshot from the SBA’s releases are that except for a limited set of changes (which are...more
As you may remember from a previous bulletin, the SBA has stated that it will audit all PPP borrowers, who together with a borrower’s “Affiliates” (as determined pursuant to SBA regulations), received PPP loans in excess of...more
On October 2, 2020, the SBA released a guidance relating to whether the SBA will be required to consent to a “change in ownership” of a business. A “change in ownership” is deemed to be any of the following...more
The Senate passed the previously approved House version of the Paycheck Protection Flexibility Act. The bill is awaiting President Trump’s signature in order to officially become a law....more
The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the...more
In true government fashion, on April 2, the Small Business Administration (SBA) released updated guidance for CARES Act Loans. Below is a bullet point summary of the relevant changes...more
The CARES Act authorizes the Small Business Administration (“SBA”) to fully guarantee an additional $349 Billion in Section 7(a) loans to small businesses affected by COVID-19.
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