Struggling businesses adversely impacted by the COVID-19 pandemic now have access to a second round of Paycheck Protection Program (“PPP”) stimulus funding enacted as part of the Economic Aid to Hard Hit Small Businesses,...more
2/23/2021
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Eligibility ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
U.S. Treasury
The U.S. Small Business Administration (SBA) recently announced its plan to require Paycheck Protection Program (PPP) lenders to issue “loan necessity” questionnaires to all borrowers of PPP loans of $2 million or more. On...more
On Friday June 5, President Trump signed into law the Paycheck Protection Flexibility Act which makes the following tweaks to the original terms of the Paycheck Protection Loan Program.
EXTENSION OF THE COVERED PERIOD
...more
6/9/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Loan Forgiveness ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
Small Business ,
Small Business Loans ,
Tax Deferral ,
Trump Administration
As we wrote about in a client alert on May 4, the SBA recently issued guidance to PPP loan borrowers (FAQ 31) about the required certification that the loan is necessary to support ongoing operations. Now, in determining...more
5/6/2020
/ Borrowers ,
Coronavirus/COVID-19 ,
Good Faith ,
Lenders ,
Liquidity ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Small Business ,
Time Extensions
The U.S. Department of the Treasury recently issued additional guidance in the form of Frequently Asked Questions (“FAQ”) for businesses that have received or are still seeking PPP loans. The critical piece of the FAQ is the...more
5/5/2020
/ Borrowers ,
Coronavirus/COVID-19 ,
Deadlines ,
Federal Loans ,
Good Faith ,
Lenders ,
Liquidity ,
Loan Applications ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Small Business ,
U.S. Treasury
With some necessary preparedness and a bit of luck, some U.S. small businesses were able to obtain some financial relief last week thanks to SBA loans through the Payroll Protection Program (“PPP”). For the 8 weeks beginning...more