On March 27, 2020, the CARES Act was signed into law to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic, including in the form of forgivable loans to small...more
On October 31, 2020, the U.S. Small Business Administration (“SBA”) published a Notice in the Federal Register seeking approval from the Office of Management and Budget for the collection of information through, among other...more
11/19/2020
/ Borrowers ,
CARES Act ,
Independent Contractors ,
Investigations ,
Lenders ,
Limited Liability Company (LLC) ,
Loan Forgiveness ,
Loans ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
SBA
In a significant development for the mergers and acquisitions (“M&A”) community, the U.S. Small Business Administration (“SBA”) issued a “Procedural Notice” which affects the requirement for companies involved in the buying...more
Earlier this month, the Paycheck Protection Program (“PPP”) moved from a phase of “loan disbursement” to a phase of “loan forgiveness.” As explained in our August 11, 2020 Client Alert, the U.S. Small Business...more
Through the Paycheck Protection Program (“PPP”), which was authorized by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), banks certified as 7(a) lenders by the U.S. Small Business Administration (“SBA”)...more
On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 (“HR 7010” or the “PPP Amendment”) into law, after the House passed HR 7010 on May 29, 2020 and the Senate adopted HR 7010 by a...more
On May 13, 2020, SBA issued new guidance with respect to a borrower’s good faith certification that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant,” as...more
On May 5, 2020, SBA/Treasury finally answered the important question of whether a small business located in the US needed to count the number of employees of its “foreign affiliates” in its size standard eligibility...more
Businesses now have one extra week to conduct their risk/reward analyses to decide whether to return their PPP loans. In prior guidance (Treasury FAQ 31 and 37), the SBA reminded borrowers that they “should review carefully...more
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) (Pub. L. 116-136), which provides emergency assistance and health care response for individuals,...more
The private equity and venture capital communities have advocated forcefully that their portfolio companies should be able access loans available under the Paycheck Protection Program (the “PPP”), the $349 billion U.S. Small...more
Providing critical guidance to millions, the U.S. Small Business Administration (“SBA”) issued two Interim Final Rules (collectively, the “Rules”) relating to the Paycheck Protection Program (the “PPP”), and its Office of...more
According to the Treasury Department, small businesses impacted by the coronavirus pandemic can start applying for emergency “forgivable” loans under the Coronavirus, Aid, Relief and Economic Security Act (CARES Act) to cover...more
1. The Paycheck Protection Program -
The Coronavirus, Aid, Relief and Economic Security (“CARES”) Act has designated $349 billion for the Paycheck Protection Program. The Paycheck Protection Program expands the U.S. Small...more
3/31/2020
/ 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