PPP Deadline Extension -
President Biden has signed legislation extending the Paycheck Protection Program (PPP) loan application filing deadline from March 31, 2021 to May 31, 2021. The legislation also gives the Small...more
4/5/2021
/ American Rescue Plan Act of 2021 ,
Coronavirus/COVID-19 ,
Eligibility ,
Filing Deadlines ,
Lenders ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Restaurant Industry ,
Small Business
On March 11, 2021, President Joseph Biden signed into law the American Rescue Plan Act of 2021 (ARP Act), a $1.9 trillion economic recovery package. This follows the recent adoption of the Consolidated Appropriations Act of...more
On March 3, 2021, the Small Business Administration (SBA), in conjunction with the U.S. Department of the Treasury, adopted an interim final rule (IFR) that: (1) allows individuals who file an IRS Form 1040, Schedule C to...more
3/16/2021
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Eligibility ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
SBA ,
Small Business ,
U.S. Treasury
On Monday, February 22, 2021, the Biden Administration announced changes to the Paycheck Protection Program (PPP) designed to assist small businesses in securing PPP loans. The PPP—which is scheduled to end on March 31,...more
On December 28, 2020, former President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the legislation (referred to herein as the Economic Aid Act) included revisions and additions to the...more
On December 28, 2020, former President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the Act included revisions and additions to the Paycheck Protection Program (PPP). The new PPP will: (1)...more
On December 28, 2020, President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the Act included revisions and additions to the Paycheck Protection Program (PPP). The new PPP will (1) accept...more
1/6/2021
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits
Certain provisions of the CARES Act provided community banks breathing room while they worked to facilitate the badly needed economic recovery, including the following:
- Temporarily reducing the Community Bank Leverage...more
The Main Street Lending Program has been modified by the Federal Reserve Board (Board) to provide new access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations....more
8/1/2020
/ 501(c)(19) ,
501(c)(3) ,
Borrowers ,
CARES Act ,
Compliance ,
Contract Terms ,
Coronavirus/COVID-19 ,
Eligibility ,
Federal Reserve ,
Hospitals ,
Interest Rates ,
Lenders ,
Loan Agreements ,
Main Street Lending Programs ,
Midsize and Large Business Loans ,
Nonprofit Organization Expanded Loan Facility (NOELF) ,
Nonprofit Organization New Loan Facility (NONLF) ,
Relief Measures ,
Social Services ,
Tax Exempt Entities ,
Universities
Last month, the U.S. Treasury and the Small Business Administration (SBA) released two Paycheck Protection Program (PPP) loan forgiveness applications. The first was a new EZ PPP loan forgiveness application with instructions...more
7/17/2020
/ Applications ,
Borrowers ,
CARES Act ,
Certifications ,
Coronavirus/COVID-19 ,
Full-Time Employees ,
Independent Contractors ,
Lenders ,
Loan Forgiveness ,
Pay Reductions ,
Paycheck Protection Program (PPP) ,
Required Documentation ,
SBA ,
Self Employed ,
Sole Proprietorship ,
U.S. Treasury
The U.S. Treasury and the SBA released two Paycheck Protection Program (PPP) Interim Final Rules on June 17, 2020 and June 22, 2020. A summary of the key points of these rules follows below....more
7/16/2020
/ Amended Rules ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Covered Entities ,
Full-Time Employees ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business Loans
The Small Business Administration (SBA) and the U.S. Department of the Treasury released an Interim Final Rule on Paycheck Protection Program (PPP) Loan Forgiveness and the PPP Loan Forgiveness Application....more
On May 22, 2020, the Small Business Administration (SBA) and the U.S. Department of the Treasury released an Interim Final Rule on Paycheck Protection Program (PPP) Loan Forgiveness (the "Loan Forgiveness Rule"). Although...more
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
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
As part of the Paycheck Protection Program ("PPP") loan application, an applicant must certify, among other things, that "current economic uncertainty makes this loan request necessary to support ongoing operations of the...more
4/27/2020
/ Coronavirus/COVID-19 ,
Financial Distress ,
Liquidity ,
Loan Forgiveness ,
Midsize and Large Business Loans ,
Paycheck Protection Program (PPP) ,
Pre-Qualification ,
Relief Measures ,
SBA ,
Small Business ,
Small Business Loans
In a recent alert, we reviewed a series of developments regarding implementation of the $2.2 trillion federal CARES Act, including news that the Federal Reserve had released details on two new loan facilities. This alert...more
4/16/2020
/ Attestation Requirements ,
CARES Act ,
Coronavirus/COVID-19 ,
EBITDA ,
Eligibility ,
Federal Reserve ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Special Purpose Vehicles ,
U.S. Treasury
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted late last week. Designed to provide emergency economic assistance to businesses, families, and individuals, the CARES Act also...more
4/7/2020
/ Bank Debt Guarantee Program (BDGP) ,
Banks ,
CARES Act ,
CBLR ,
Community Banks ,
Coronavirus/COVID-19 ,
Current Expected Credit Losses (CECL) ,
Debt Restructuring ,
Financial Stimulus ,
Interim Rule ,
Loans ,
Paycheck Protection Program (PPP) ,
Relief Measures
The COVID-19 crisis is having a very substantial impact on many businesses. On a daily basis, they are struggling to continue their operations while facing mounting economic losses and ongoing cash flow shortfalls. A number...more
4/2/2020
/ Annual Meeting ,
Board of Directors ,
Business Closures ,
Business Interruption ,
Commercial Insurance Policies ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Financial Distress ,
Force Majeure Clause ,
Line of Credit ,
Loan Agreements ,
Shareholder Meetings ,
Sick Employees ,
Sick Pay ,
Small Business Loans ,
State of Emergency ,
Supply Chain ,
Virtual Meetings ,
Workplace Safety
As social distancing policies and mandates continue to take hold across the country, companies are grappling to understand the implications of these measures on their business. One compliance issue to resolve is that...more
3/28/2020
/ Annual Meeting ,
Board Meetings ,
Board of Directors ,
Bylaws ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Proxy Statements ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Shareholder Meetings ,
Shelter-In-Place ,
Virtual Meetings