The Small Business Administration (“SBA”) has quietly rolled out new forms for Borrowers who received PPP loans in excess of $2 million. The SBA issued a notice in the Federal Register seeking approval of Forms 3509 and 3510...more
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). As the name suggests, the Flexibility Act provides PPP loan borrowers (“Borrowers”) with...more
With the SBA finally releasing forgiveness guidance and an application for Borrowers to apply for forgiveness, many questions remain unanswered about how the SBA intends to evaluate and treat loan forgiveness. The below FAQ...more
On April 16, 2020, the US Small Business Administration (the “SBA”) announced that the $349 billion allocated to the Paycheck Protection Program (the “PPP”) for COVID-19 crisis loans to certain self-employed individuals and...more
4/22/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Gig Economy ,
Independent Contractors ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
As employers continue to navigate the uncertainty of COVID-19’s financial impact on their organizations, many eligible business owners are taking advantage of emergency loan opportunities made available by the Coronavirus...more
4/15/2020
/ 501(c)(3) ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
As businesses across the country continue to determine whether to apply for an SBA loan under the “Paycheck Protection Program” (the “PPP”) provided by the Coronavirus Aid, Relief, and Economic Security Act (the “Act”), the...more
4/8/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
With guidance from the Small Business Administration (“SBA”) and the Internal Revenue Service (“IRS”) still forthcoming, and the existing guidance changing, many businesses are struggling to understand their options under the...more
4/7/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
With uncertainty looming in all corners of the world due to the continued COVID-19 pandemic, many employers are questioning how they can support the fixed costs of their business, especially in the face of total or partial...more
Loans guaranteed by the Small Business Administration (“SBA”) can be a valuable tool for buyers interested in acquiring businesses that do not have sufficient hard assets to meet the collateral requirements of traditional...more