News & Analysis as of

CARES Act Small Business Corporate Counsel

Buckingham, Doolittle & Burroughs, LLC

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more

Adams and Reese LLP

More Businesses Now Eligible for Employee Retention Credit (ERC) – Do You Qualify?

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What is the ERC? Congress introduced the Employee Retention Credit (ERC) as part of the CARES Act to encourage businesses to keep employees on their payroll during the pandemic. ...more

Miller Canfield

Congress Permits SBA to Make PPP Loans to Debtors in Bankruptcy, SBA Says "No"

Miller Canfield on

In June and December of 2020, Miller Canfield reported that the Fifth and Eleventh Circuits had held that the Small Business Administration ("SBA") may exclude debtors in bankruptcy from consideration for Paycheck Protection...more

King & Spalding

PPP Round Three: Second Draws and Second Chances

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On December 27, 2020, Congress passed the Economic Aid Act, another COVID-19 relief bill with changes to the Paycheck Protection Program (“PPP”) and the opportunity for many PPP loan recipients to apply for a second loan,...more

McCarter & English, LLP

Paycheck Protection Program 2.0: What Small Businesses Need To Know

The Consolidated Appropriations Act, comprised of more than 5,500 pages and including a $900 billion stimulus package, became law on December 27, 2020. As part of this law, the Economic Aid to Hard-Hit Small Businesses,...more

Goodwin

U.S. Paycheck Protection Program Restarts: Summary Of Key Updates

Goodwin on

On December 27, 2020, the President signed into law the “Consolidated Appropriations Act, 2021” (H.R. 133) (or the “2021 CAA”), which modifies and reopens the U.S. Small Business Administration’s Paycheck Protection Program...more

McDermott Will & Emery

COVID Relief Bill: Key PPP Eligibility Issues Loom Large for New and Second Draw Loans

McDermott Will & Emery on

The COVID-19 relief bill opens the door to new aid for small businesses under the Paycheck Protection Program (PPP). This is welcome news to small businesses throughout the country, but—as detailed below—there are significant...more

Fox Rothschild LLP

IRS Confirms Non-Deductibility Of Expenses Related To PPP Loans

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Businesses that reasonably anticipate that loans under the Paycheck Protection Program will be forgiven should be aware that they cannot claim a deduction for the eligible expenses paid or incurred during the 2020 taxable...more

McDermott Will & Emery

PPP Update: SBA Issues Loan Necessity Questionnaires with 10-Day Turnaround

McDermott Will & Emery on

The Small Business Administration (SBA) has released two loan necessity questionnaire forms (Form 3509 for for-profit borrowers and Form 3510 for nonprofits) for lenders to transmit to certain Paycheck Protection Program...more

Foley Hoag LLP

SBA Announces Simpler PPP Forgiveness for Loans Less Than $50k

Foley Hoag LLP on

The U.S. Small Business Administration (SBA) has announced that it is rolling out a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The SBA claims the new, more streamlined...more

Moritt Hock & Hamroff LLP

Alert: Multiple Updates to the Paycheck Protection Program

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law providing, among other relief, up to $349 billion to fund loans to small businesses affected by the...more

Pillsbury Winthrop Shaw Pittman LLP

COVID-19 Relief: Paycheck Protection Program and Issues in M&A Transactions

Potential merger partners of and investors in businesses that have received loans under the Paycheck Protection Program should be aware of particular risks and other diligence considerations. Any potential merger partner or...more

Lowndes

New PPP Updates Since the Passing of the Paycheck Protection Program Flexibility Act

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Since the Paycheck Protection Program Flexibility Act (the “Flexibility Act”) was passed on June 5, 2020, the SBA has released several updates to the Program, including the June 11, 2020 Interim Final Rule on Revisions to...more

Haynsworth Sinkler Boyd, P.A.

SBA Issues Updates To Initial Interim Final Rule On Paycheck Protection Program

On Thursday, June 11, 2020, the Small Business Administration (SBA) issued an update to its initial interim final rule on the Paycheck Protection Program (PPP), which was originally enacted as part of the CARES Act on March...more

Bond Schoeneck & King PLLC

SBA Authorizes PPP Loan Increases for Certain Partnerships

The U.S. Small Business Administration (SBA) issued guidance on May 13, 2020 which authorizes lenders to increase the amount of Paycheck Protection Program (PPP) loans previously disbursed to partnerships that did not have...more

Vinson & Elkins LLP

Ninth Circuit Holds That SBA Loan Fraud Was Alleged Too Late: Takeaways For SBA Borrowers And Lenders

Vinson & Elkins LLP on

On April 1, 2020, the U.S. Court of Appeals for the Ninth Circuit affirmed a district court decision holding that a qui tam relator in a False Claims Act (“FCA”) action failed to file its complaint alleging Small Business...more

Jackson Lewis P.C.

Church Successfully Challenges SBA’s Legislation of PPP By Regulation; More To Follow?

Jackson Lewis P.C. on

The Small Business Administration (SBA) violated federal law by imposing conditions for loans under the Paycheck Protection Program (PPP) that were not enacted in the Coronavirus Aid, Relief, and Economic Security Act, H.R....more

ArentFox Schiff

Newly Released Guidance on Rehiring Employees for PPP Borrowers

ArentFox Schiff on

On May 3, 2020, the SBA and the US Department of the Treasury released new guidance to assist businesses with calculating the forgiveness amount for Paycheck Protection Program (PPP) loans, with respect to employees who...more

Goodwin

Applying for U.S. Paycheck Protection Program Loans: Lessons Learned from Experience with TARP and Other Crisis Aid

Goodwin on

As former federal prosecutors, the authors have investigated and prosecuted individuals who committed various crimes relating to TARP funding and other crisis aid. With the passage of the U.S. CARES Act and more than $349...more

Constangy, Brooks, Smith & Prophete, LLP

What Employers Need To Know About The Economic Injury Disaster Loan program

The Economic Injury Disaster Loan program is a disaster relief program administered by the Small Business Association. The program, already in place when the coronavirus crisis hit, offers low-interest federal loans to help...more

Stinson LLP

New Paycheck Protection Program FAQs Released

Stinson LLP on

On the night of April 6, 2020, the Small Business Administration (SBA) and the Department of the Treasury released answers to updated Frequently Asked Questions (FAQs) relating to the Paycheck Protection Program (PPP) on the...more

Troutman Pepper

Paycheck Protection Program: Are You Feeling Small and Left Out? There May be an Answer for You

Troutman Pepper on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a new program within the U.S. Small Business Administration’s (SBA’s) flagship 7(a) Loan Program called the “Paycheck Protection Program” (PPP). Under...more

Morrison & Foerster LLP

Frequently Asked Questions About The Coronavirus Economic Stabilization Act Of 2020 (CESA)

In response to the COVID-19 public health emergency, which has dramatically affected global commerce, the U.S. healthcare system, and the U.S. economy, on March 27, 2020, the President signed into law the Coronavirus Aid,...more

McCarter & English, LLP

Paycheck Protection Program (PPP) Application Form Made Available By Treasury Department

On March 31, 2020, the U.S. Small Business Administration (SBA) released the Paycheck Protection Program Application Form for use with the SBA Paycheck Protection Program (PPP) loans. Applications for PPP loans may be...more

Cooley LLP

Alert: SBA Programs Under the CARES Act: Are You Eligible for Federal Assistance?

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As has been well publicized, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a $2 trillion economic relief package enacted to help individuals and businesses in the United States weather the severe...more

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