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Coronavirus/COVID-19 › Good Faith › Small Business Administration

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +
Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -
Buchalter

PPP Lender Liability, Enforcement, & Fintech Challenges

Buchalter on

The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly...more

Holland & Knight LLP

Safer Federal Workforce Task Force Issues Updated FAQs on COVID-19 Vaccine Mandate

Holland & Knight LLP on

The Safer Federal Workforce Task Force released updated Frequently Asked Questions (FAQs) for Federal Contractors on Nov. 1, 2021, regarding its COVID-19 Workplace Safety: Guidance for Federal Contractors and Subcontractors...more

Chambliss, Bahner & Stophel, P.C.

SBA Discontinues Reliance on Loan Necessity Questionnaires

Chambliss, Bahner & Stophel, P.C. on

On July 29, 2021, the Department of the Treasury published updates to its Paycheck Protection Program FAQs. The updates come in response to the Small Business Administration’s (SBA) decision to discontinue the use of its Loan...more

Fox Rothschild LLP

PPP Borrowers Face Risks In Completing SBA Form 3509

Fox Rothschild LLP on

The Small Business Administration is conducting inquiries into some of the loans obtained through the Paycheck Protection Program that seek details about a company’s financial status not only before the loan was requested,...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses - May 2021

Lowenstein Sandler LLP on

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Pillsbury Winthrop Shaw Pittman LLP

SBA Releases Program Guide for Restaurant Revitalization Fund Grants

Pillsbury Winthrop Shaw Pittman LLP on

The program guide addresses application requirements and eligibility criteria for prospective grantees as they prepare for the program’s announced May 3 launch. On April 20, 2021, the Small Business Administration (SBA)...more

Fox Rothschild LLP

The PPP Loan Process: How To Fix Mistakes Before It Is Too Late

Fox Rothschild LLP on

Paycheck Protection Program (PPP) loans were designed to help small businesses cover explicit allowable expenses during the COVID-19 pandemic. There are various eligibility requirements that businesses must satisfy before...more

Bowditch & Dewey

Five Things to Know About PPP Loan Audits

Bowditch & Dewey on

The Paycheck Protection Program was one of the more innovative and written-about of the CARES Act’s fiscal stimulus packages. The U.S. Treasury and Small Business Administration (SBA) leveraged the private banking sector to...more

McCarter & English, LLP

SBA to Provide $28.6 Billion In Grants For Restaurants And Bars

McCarter & English, LLP on

The $1.9 trillion stimulus package, known as the American Rescue Package (the “Rescue Package”), enacted on March 11, 2021, established a $28.6 billion Restaurant Revitalization Fund (“Restaurant Fund”) for restaurants and...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs for Nonprofits - UPDATED March #3

Lowenstein Sandler LLP on

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Nonprofits - UPDATED March 2021

Lowenstein Sandler LLP on

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Snell & Wilmer

SBA Issues Interim Final Rules for PPP “Second Draw” Loans and Existing PPP Loans

Snell & Wilmer on

On January 6, the Small Business Administration (SBA) issued its Interim Final Rule (IFR) for the original Paycheck Protection Program (PPP-1) to reflect changes to the program included in the recent Economic Aid to Hard-Hit...more

Pillsbury Winthrop Shaw Pittman LLP

COVID-19 Relief Act Provides Grants for Shuttered Venue Operators Hard-Hit by the Pandemic

Pillsbury Winthrop Shaw Pittman LLP on

New COVID-19 Relief Act provides funding for a wide array of eligible persons and entities: live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion...more

Burr & Forman

SBA Requires Borrowers Who Received PPP Loans of $2 Million or More to Submit “Pre-Audit Review” Information

Burr & Forman on

On October 31, 2020, the SBA released new forms and related instructions requiring borrowers with PPP loans of $2 million or more to provide additional information related to their PPP loans. Titled “Loan Necessity...more

Parker Poe Adams & Bernstein LLP

SBA Reveals Questionnaires Aimed at Auditing Necessity of Large Paycheck Protection Program Loans

Parker Poe Adams & Bernstein LLP on

In a series of FAQs issued last spring, the Small Business Administration (SBA) made clear that it would review the certification made by Paycheck Protection Program (PPP) borrowers of $2 million or more that “[c]urrent...more

Cole Schotz

PPP Alert: SBA Issues Loan Necessity Questionnaires

Cole Schotz on

The U.S. Small Business Administration (the “SBA”) is requiring lenders to obtain completed “economic need” questionnaires (the “Questionnaire”) from Paycheck Protection Program for-profit and nonprofit borrowers (“PPP...more

Hahn Loeser & Parks LLP

SBA Releases Loan Necessity Questionnaires For PPP Loans In Excess Of $2 Million

Hahn Loeser & Parks LLP on

The U.S. Small Business Administration (“SBA”) has released two Loan Necessity Questionnaires – one for for-profit businesses, the other for nonprofits – for recipients of Paycheck Protection Program (“PPP”) loans of $2...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

Schwabe, Williamson & Wyatt PC

A Guide to the SBA PPP Loan Forgiveness Review Process - Update #2

Schwabe, Williamson & Wyatt PC on

Borrowers applying for loan forgiveness under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) should familiarize themselves with the SBA guidance regarding the loan forgiveness review process....more

Schwabe, Williamson & Wyatt PC

A Guide to the SBA PPP Loan Forgiveness Review Process - Update

Schwabe, Williamson & Wyatt PC on

Borrowers applying for loan forgiveness under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) should familiarize themselves with the SBA guidance regarding the loan forgiveness review process....more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Transportation, Ports, and Maritime Industries - Update #8

Schwabe, Williamson & Wyatt PC on

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Transportation, Ports, and Maritime Industries - Update #7

Schwabe, Williamson & Wyatt PC on

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Transportation, Ports, and Maritime Industries - Update #6

Schwabe, Williamson & Wyatt PC on

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Transportation, Ports, and Maritime Industries - Update #5

Schwabe, Williamson & Wyatt PC on

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more

Holland & Knight LLP

SBA Paycheck Protection Program Loans: Forgiveness Guidance, Part II

Holland & Knight LLP on

Employers rushed to apply for the first $349 billion in Paycheck Protection Program (PPP) loans made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which Congress has increased to $670...more

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