On May 15, 2020 the Small Business Administration (SBA) and the U.S. Department of the Treasury released a Paycheck Protection Program (PPP) Loan Forgiveness Application. Although the 11 page document clears up some issues,...more
5/19/2020
/ Applications ,
CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Employee Retention ,
Full-Time Employees ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Rehiring Issues ,
Required Documentation ,
SBA ,
Small Business Loans
In the past few weeks, the U.S. Department of Treasury and Small Business Administration (SBA) have raised issues concerning the economic uncertainty certification made by both public and private companies in FAQs #31 and...more
5/15/2020
/ Borrowers ,
CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Good Faith ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Returned Funds ,
Safe Harbors ,
SBA ,
SBA Lending Programs
On April 30, 2020 the Federal Reserve Board (the "Board") announced an expansion of the scope and eligibility for its Main Street Lending Program.
Under the three Facilities—the Main Street New Loan Facility (the "New...more
5/13/2020
/ Borrowers ,
CARES Act ,
Certification Requirements ,
Compliance ,
Credit Unions ,
EBITDA ,
Eligibility ,
Employee Retention ,
Federal Reserve ,
Financial Stimulus ,
Lenders ,
Loan Origination Funds ,
Main Street Lending Programs ,
Midsize and Large Business Loans ,
Relief Measures ,
Small Business Loans ,
Special Purpose Vehicles
PPP Loan Proceeds Return Date Extended -
On April 23, 2020, the U.S. Department of the Treasury and Small Business Administration (SBA) announced that public companies receiving Paycheck Protection Program (PPP) loans, who...more
PPP Loan Forgiveness is Criticized, Guidance is Forthcoming -
Audits of PPP Loans in Excess of $2 Million -
On April 28, 2020, U.S. Secretary of Treasury Steven Mnuchin announced that all Paycheck Protection Program...more