News & Analysis as of

Paycheck Protection Program (PPP) Federal Loans Borrowers

J.S. Held

Current Enforcement Efforts in the Battle Against COVID-19 Loan Program Fraud

J.S. Held on

The COVID-19 pandemic caused unprecedented impacts around the world including stay-at-home orders, curfews, quarantines, and economic uncertainty. Businesses across the United States were forced to close their doors, limit...more

Husch Blackwell LLP

PPP Loan Audits Could Affect Millions of Borrowers

Husch Blackwell LLP on

In March 2020 during the height of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law establishing, among other things, the Payment Protection Program (PPP) administered...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Nonprofits -UPDATED April 2021 #1

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

Hinshaw & Culbertson LLP

COVID-19 Relief Bill Creates Second Paycheck Protection Program

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

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

Fisher Phillips

What Employers Need To Know About Latest Federal COVID-19 Stimulus Package

Fisher Phillips on

Federal lawmakers agreed to a second round of stimulus legislation late last night, sending a nearly 6,000-page bill to President Trump for his expected signature. The proposal allocates $900 billion in economic relief to...more

Bowditch & Dewey

PPP Update – Handling the Necessity Questionnaire for PPP Loans $2M or More

Bowditch & Dewey on

The U.S. Small Business Administration (SBA) recently announced its plan to require Paycheck Protection Program (PPP) lenders to issue “loan necessity” questionnaires to all borrowers of PPP loans of $2 million or more. On...more

Levenfeld Pearlstein, LLC

SBA Addresses Economic Necessity Certification in Draft PPP Questionnaires for Certain Borrowers

The SBA recently released draft questionnaires for Paycheck Protection Program (PPP) borrowers with loans above $2 million. The draft questionnaire addresses the economic necessity certification that has caused heartburn for...more

Burr & Forman

SBA Ordered to Release Information on All PPP Borrowers

Burr & Forman on

A United States District Judge in Washington has ordered the SBA to now release the names and other information of all Paycheck Protection Loan borrowers. In WP Company LLC d/b/a The Washington Post, et al., v. U.S. Small...more

Schwabe, Williamson & Wyatt PC

PPP Loans Over $2 Million and the PPP Necessity Questionnaires

Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. The...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

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

Fisher Phillips

New SBA Questionnaire Raises Stakes For Businesses That Borrowed Over $2 Million In PPP Loans

Fisher Phillips on

The Small Business Administration (SBA) has released loan necessity questionnaires that lenders must issue to over 50,000 borrowers that received $2 million or more in funds from the Paycheck Protection Program (PPP) – and...more

Rosenberg Martin Greenberg LLP

SBA Gathering Info on "Economic Uncertainty": What Form 3509 May Mean for Borrowers in the Paycheck Protection Program

The U.S. Small Business Administration (“SBA”) recently released additional details relevant to those participating in the Paycheck Protection Program (“PPP”).  In particular, on October 26, 2020, the SBA posted a notice...more

Greenbaum, Rowe, Smith & Davis LLP

Paycheck Protection Program Update: SBA Streamlines Forgiveness Application for PPP Loans Under $50K, Confirms Deferral Period for...

The Small Business Administration (SBA) has provided additional guidance in connection with the forgiveness of loans issued under the Paycheck Protection Program (PPP).    In an Interim Final Rule, the SBA has provided a...more

Amundsen Davis LLC

M&A Transactions Involving PPP Loans: Important Guidance From The SBA

Amundsen Davis LLC on

On October 2, 2020, the Small Business Administration (SBA) issued Procedural Notice No. 5000-20057 addressing procedures applicable to a “change of ownership” of a borrower who has received a loan under the Paycheck...more

Vinson & Elkins LLP

SBA Approval Not Required For Some “Change of Ownership” Transactions Involving Paycheck Protection Program Borrowers

Vinson & Elkins LLP on

On October 2, 2020, the Small Business Administration (“SBA”) released a Procedural Notice providing guidance to lenders about transactions involving recipients of Paycheck Protection Program (“PPP”) loans. Before the...more

Fox Rothschild LLP

SBA Sets Rules For Dealing With PPP Loans In M&A Transactions

Fox Rothschild LLP on

New guidance from the Small Business Administration (SBA) sheds light on questions that arise in the context of M&A transactions where one of the companies has secured a potentially forgivable loan through the Paycheck...more

Williams Mullen

Williams Mullen's COVID-19 Comeback Plan: Preparing Today for Tomorrow's PPP Audit

Williams Mullen on

Part of the 2020 Business Solutions Series presented by by the Hampton Roads Alliance and Williams Mullen Charles E. “Chuck” James, Jr., co-chair of both the Firearms Industry Group and the White Collar & Investigations...more

McDermott Will & Emery

[Webinar] Navigating PPP Loan Forgiveness (Part 2) - August 20th, 3:00 pm - 4:00 pm EDT

McDermott Will & Emery on

Join McDermott and BDO on Thursday, August 20 to hear about the latest updates concerning the Paycheck Protection Program (PPP). Our multi-disciplinary panel will cover the most pressing issues as of August 2020, including: ...more

Lowndes

[Webinar] Navigating the COVID-19 Crisis: PPP CARES Act Loans - What You Need to Know About the Latest Changes, Loan Forgiveness...

Lowndes on

The ever-changing rules around Paycheck Protection Program loans have continued to evolve. With the PPP Flexibility Act, borrowers were given more freedom and flexibility to spend the funds with the possibility of full...more

Burr & Forman

SBA Releases List of PPP Borrowers – Which Businesses Are Now Audit Targets?

Burr & Forman on

The SBA and the United States Treasury have now released a list of over 600,000 PPP loan borrowers who received PPP loans of $150,000 or more. This list includes the name of the borrowers, the general loan range of the PPP...more

Lowenstein Sandler LLP

Paycheck Protection Program (PPP) Information Sheet: Nonprofit Borrowers

Lowenstein Sandler LLP on

The following information has been adapted from the Small Business Administration’s (SBA) Paycheck Protection Program Borrower Information Fact Sheet to provide information tailored for nonprofits. This document is for...more

Schwabe, Williamson & Wyatt PC

Latest PPPFA Statement Offers Some Clarity

On June 8, 2020, the SBA Administrator and the Secretary of the Treasury issued a joint statement regarding changes effected by the recently-enacted Paycheck Protection Program Flexibility Act (PPPFA). In that statement, they...more

Patterson Belknap Webb & Tyler LLP

Paycheck Protection Program Flexibility Act and Updates on Foreign Affiliates and Loan Forgiveness

The Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”) was signed into law by President Trump on June 5, 2020, which provides Paycheck Protection Program (the “PPP”) loan borrowers additional time...more

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