The Paycheck Protection Program is scheduled to expire March 31, 2021. However, the program still has a large amount of unspent money, and there is still considerable support for the program in Congress....more
On January 19, SBA issued an interim final rule governing forgiveness of Paycheck Protection Program loans and also issued new versions of the three forgiveness application forms, including a streamlined form for loans up to...more
As described in our previous Alert, the appropriations act signed on December 27, 2020, revived the original Paycheck Protection Program, with some changes (now referred to as a “first draw” loan) and created a new “second...more
The omnibus budget act signed by President Trump on December 27 reinstitutes the Paycheck Protection Program, with significant changes. The act allows new borrowers to receive PPP loans and some existing borrowers to receive...more
On July 23, the Small Business Administration issued a procedural notice to lenders participating in the Paycheck Protection Program concerning PPP loan forgiveness, to announce that SBA will begin accepting forgiveness...more
We want to make readers aware of two significant recent developments relating to the Paycheck Protection Program (PPP). Additional information on the program and its rules relating to eligibility, need for funding, loan...more
The Paycheck Protection Program Flexibility Act (Flexibility Act), which became effective June 5, significantly changed key elements of the Paycheck Protection Program (PPP), as discussed in Cozen O’Connor’s Alerts posted on...more
6/20/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
Required Forms ,
SBA ,
Small Business ,
Small Business Loans
The Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which became law on June 5, made significant changes in the Paycheck Protection Program (PPP)....more
The Paycheck Protection Program Flexibility Act of 2020 (the Flexibility Act) was signed into law Friday. The Flexibility Act makes significant changes in the Paycheck Protection Program (PPP) originally adopted as part of...more
On May 22, the SBA issued two new rules that provide some additional insight into Paycheck Protection Program (PPP) loan forgiveness and for the first time explain the process for lenders and the SBA to review PPP loans and...more
The SBA has published its long-awaited guidance on forgiveness of Paycheck Protection Program (PPP) loans — SBA Form 3508, the Loan Forgiveness Application....more
On April 24, President Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act, which appropriates an additional $310 billion in funding to the Paycheck Protection Program (PPP) and an additional...more
4/29/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program and Health Care Enhancement Act ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
Recent published reports have identified dozens of public companies that have received Paycheck Protection Program loans. When PPP ran out of money, some of these companies attracted a great deal of public attention and some...more
As previously reported, the Small Business Administration (SBA), in consultation with the Department of Treasury, has separately issued an interim rule on its affiliation rules and Frequently Asked Questions (FAQs) on the...more
4/15/2020
/ Affiliated-Business Arrangements ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Hotels ,
NAICS ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Restaurant Industry ,
SBA ,
SBA Lending Programs ,
Small Business ,
Waivers
Late on April 6, and during the day on April 8, 2020, the Small Business Administration (SBA), in consultation with the Department of Treasury, issued Frequently Asked Questions (FAQs) on the Paycheck Protection Program (PPP)...more
On Friday, April 3, 2020 the Small Business Administration (SBA) issued an interim rule on its affiliation rules to further implement the Payroll Protection Program (PPP) under the Coronavirus Aid, Relief and Economic...more
On Thursday, April 2, 2020 the Small Business Administration (SBA) issued a rule to implement the Payroll Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security Act (CARES Act). ...more
4/3/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief