News & Analysis as of

Paycheck Protection Program (PPP) New Guidance

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Proskauer Rose LLP

Paycheck Protection Program – SBA Clarifies PPP Guidance

Proskauer Rose LLP on

Third-Party Payroll Providers Cleared - On June 13, 2023, the U.S. Small Business Administration (“SBA”) issued new FAQ 72 (“FAQ 72”) to help clarify whether amounts paid by borrowers to third-party payers for the...more

Pillsbury Winthrop Shaw Pittman LLP

IRS Issues Guidance on Reporting of Tax-Exempt Income under PPP

The Internal Revenue Service issues three Revenue Procedures detailing how taxpayers can account for tax-exempt cancellation of indebtedness income arising from forgiven Paycheck Protection Program loans in their Federal tax...more

Miller Canfield

SBA's Guidance on Requests to Honor SBA's Guaranty of PPP Loan

Miller Canfield on

The SBA recently issued its Procedural Notice on when a lender may request the SBA to honor its guaranty of a PPP loan. The PPP loan program has been in place for over a year and has provided billions of dollars of assistance...more

Chambliss, Bahner & Stophel, P.C.

Initial PRF Reporting Deadline Extended to September 30; Other New Deadlines Provide

On Friday, June 11, 2021, the Department of Health and Human Services (HHS) announced four new deadlines for using and reporting on Provider Relief Fund (PRF) distributions. The new guidance was issued through an updated...more

Williams Mullen

Combined Federal, VA and NC Government Resources for COVID-19 - May 2021 #2

Williams Mullen on

Virginia Resources Updated: April 23, 2021 - North Carolina Resources Updated: May 19, 2021 - COVID-19 Key Resource List (Virginia): Commonwealth of Virginia Official COVID-19 Website - This website is a comprehensive...more

Perkins Coie

SBA Serves Up Guidance for Restaurant Revitalization Fund Grants

Perkins Coie on

More than a year into the COVID-19 pandemic, the first form of federal relief prepared specifically for restaurants is likely to be delivered soon. Many restaurants have benefited from Paycheck Protection Program (PPP) loans,...more

Schwabe, Williamson & Wyatt PC

PPP Ineligibility Update: Businesses Ineligible for First Draw and Second Draw PPP Loans (Updated 4/8/2021)

The Coronavirus Aid, Relief, and Economic Security Act (as amended and modified, the “CARES Act”) was enacted to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 emergency. Among...more

Nutter McClennen & Fish LLP

Nutter Bank Report: March 2021

Federal Reserve Issues New Guidance on Managing the LIBOR Transition - The Federal Reserve has issued guidance on how examiners will assess a banking organization’s progress in preparing to transition to a replacement rate...more

Fox Rothschild LLP

New Guidance; New Concerns About Discharged PPP Loans

Fox Rothschild LLP on

On November 23, 2020, we posted about the legal deductibility of expenses paid in 2020 with funds borrowed through PPP (Paycheck Protection Program) loans guaranteed by the government and subject to discharge as debts once it...more

Goodwin

Treasury Rolls Out Emergency Capital Investment Program

Goodwin on

In this Issue. The U.S. Department of the Treasury announced that it was opening the application process for the Emergency Capital Investment Program, a new program designed to provide long-term, low-cost equity and...more

Pillsbury Winthrop Shaw Pittman LLP

SBA Issues Eligibility and Application Guidance for Shuttered Venue Grants

Although it has not yet opened the program to grant applicants, on March 5, 2021, the SBA released a detailed overview of eligibility requirements and a preliminary application checklist for prospective grantees On March...more

Lathrop GPM

Considerations for Businesses with Outstanding PPP Loans in M&A Transactions

Lathrop GPM on

On October 2, 2020, the U.S. Small Business Administration (the “SBA”) issued Procedural Notice (5000-20057), titled “Paycheck Protection Program Loans and Changes of Ownership” (the “Notice”). The Notice sets forth the steps...more

Manatt, Phelps & Phillips, LLP

SBA Issues New Guidance on Loan Forgiveness

About the Interim Final Rule - On January 19, 2021, the Small Business Administration (SBA) published new Loan Forgiveness Requirements and Loan Review Procedures pursuant to an Interim Final Rule, or IFR (the PPP...more

White and Williams LLP

States Clarify Personal Income Tax Treatment Related To PPP Loan Forgiveness

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) and the recently enacted Consolidated Appropriations Act, 2021 (CAA) addressed tax issues related to the forgiveness of a Paycheck Protection Program (PPP)...more

Schwabe, Williamson & Wyatt PC

The Lender’s Role in the PPP Loan Review Process - After the Economic Aid Act: An Updated Guide to the PPP Loan Forgiveness Review...

Lenders play a large role in the Paycheck Protection Program (“PPP”) loan forgiveness review and appeals process. The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act” or “PPP2...more

Schwabe, Williamson & Wyatt PC

Initial Takeaways and Agency Guidance for the Latest PPP Updates - After the Economic Aid Act: An Updated Guide to the PPP Loan...

On January 19, 2021, the Small Business Administration (the “SBA”) in consultation with the Department of Treasury (“Treasury”) posted new forgiveness application forms and the Interim Final Rule on Loan Forgiveness...more

Orrick - Finance 20/20

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance

Orrick - Finance 20/20 on

On January 8, the U.S. Small Business Administration, in consultation with the Treasury Department, announced that the Paycheck Protection Program will re-open the week of January 11 for new borrowers and certain existing PPP...more

Schwabe, Williamson & Wyatt PC

Economic Aid Act: 10 Things to Know about Second Draw PPP Loans - Update

Late on January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans”...more

Goodwin

SBA and Treasury Department Issue New Guidance on PPP

Goodwin on

In this Issue. The Office of the Comptroller of the Currency (OCC) issued guidance on its authority to charter limited purpose trust companies, raising the possibility that a limited purpose national bank could be organized...more

White and Williams LLP

PPP 2.0: Welcome, But Still Too Complicated?

White and Williams LLP on

While the arrival of vaccines for the coronavirus have us seeing the proverbial light at the end of the COVID-19 tunnel, many small businesses, particularly in industries such as travel, hospitality and specialty retail,...more

Perkins Coie

Portal Opens for New PPP Loans With New SBA Guidance and Application Forms

Perkins Coie on

The Small Business Administration (SBA) has announced that they will reopen their portal for Paycheck Protection Program (PPP) loans for eligible borrowers beginning the week of January 11, 2021, after being shut down since...more

ArentFox Schiff

SBA Guidance for Expanded Paycheck Protection Program

ArentFox Schiff on

The new guidance includes helpful information about additional ‘eligible costs’ for which PPP funds may be used. On January 6, 2021, the Small Business Administration (SBA) released additional guidance for the Paycheck...more

Bradley Arant Boult Cummings LLP

ADOR Affirms Deductibility of PPP Loan-Related Expenses but Unanswered Conformity Questions Remain

The Alabama Department of Revenue issued helpful guidance on January 7, following its December 18, 2020 guidance implementing Governor Ivey’s landmark Supplemental Emergency Proclamation. The new guidance affirms the...more

Downs Rachlin Martin PLLC

New SBA Guidance on the PPP Changes and Second Draw PPP Loans

On December 27, 2020, a new COVID-19 relief bill, the Consolidated Appropriations Act, 2021, passed into law. A portion of that bill, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic...more

198 Results
 / 
View per page
Page: of 8

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide