News & Analysis as of

Paycheck Protection Program (PPP) Relief Measures Small Business Administration

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

Bass, Berry & Sims PLC

COVID-19 Relief Enforcement Actions Highlight Ongoing Risk

Bass, Berry & Sims PLC on

The Department of Justice (DOJ) continues to demonstrate its sustained interest in COVID-19 relief fraud as an enforcement priority and we can expect to see persistent enforcement in this area....more

McDermott Will & Emery

The PPP Turns Four: Lessons Learned and What Lies Ahead

McDermott Will & Emery on

Four years ago this month, lenders began dispersing Paycheck Protection Program (PPP) loans to small businesses in what would become the largest Small Business Administration (SBA) lending program in history. The SBA approved...more

Health Care Compliance Association (HCCA)

CARES Act appeals: Key steps in addressing denials and repayments

With the onset of the COVID-19 pandemic, Congress initiated several programs to help businesses weather the difficult economic conditions. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided two of these...more

McDermott Will & Emery

SBA PPP Loan Concerns Linger for Small Businesses

McDermott Will & Emery on

Many small businesses continue to face uncertainty over whether the Small Business Administration (SBA) will grant forgiveness of their Paycheck Protection Program (PPP) loans. Despite the vast majority of small businesses...more

Buchalter

PPP Fraud Enforcement Shows No Signs of Slowing

Buchalter on

After dozens of high-profile criminal prosecutions and a growing wave of civil investigations, the Department of Justice’s (“DOJ”) Covid-19 Fraud Enforcement Strike Force is poised to continue its pursuit of fraud, abuse, and...more

Kaufman & Canoles

Department of Justice Announces Increased Nationwide Coordinated Law Enforcement Effort to Combat PPP Fraud

Kaufman & Canoles on

The U.S. Justice Department recently announced an increased nationwide coordinated law enforcement effort aimed at combatting COVID-related fraud. The initiative seeks to identify and prosecute individuals and companies who...more

Polsinelli

Screening Failures Caused PPP Fraud

Polsinelli on

On December 1, 2022, the House Select Subcommittee on the Coronavirus Crisis released a staff report describing the poor performance of the financial technology companies that took a prominent role in administering the...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 10

Virtually All PPP Loans have been Forgiven with Limited Scrutiny - "More than two years later, the overwhelming majority of these loans have transformed into government grants, as 91% have been either fully or partially...more

PilieroMazza PLLC

Fraud Allegations Could Bedevil Borrowers in SBA COVID-19 Relief Programs for Many Years

PilieroMazza PLLC on

As everyone who has been tracking the COVID-19 relief programs since 2020 knows, at the outset there was massive confusion about the programs’ requirements as well as fear that funding could run out before businesses with...more

PilieroMazza PLLC

PPP Loan Fall-Out: Expect More Audits and Investigations

PilieroMazza PLLC on

Unfortunately, the PPP Loan fall-out is far from over.  As we noted in the last blog on PPP issues, we are seeing a number of PPP Forgiveness denials for a number of different reasons, and, along with that, we are seeing the...more

PilieroMazza PLLC

PPP Loan Forgiveness Appeal Process: 4 Steps to Knowing and Protecting Your Rights

PilieroMazza PLLC on

As discussed in PilieroMazza’s previous alert, the Small Business Administration (SBA) released its Paycheck Protection Program (PPP) Loan Forgiveness application way back in May of 2020.  Since then, PPP forgiveness...more

Cozen O'Connor

In extremis — PPP Money Is Not “Free” So Applicants & Recipients Need to Beware

Cozen O'Connor on

As most of the population is aware, to try and preserve the economy and businesses viable during the COVID-19 pandemic, congress passed the CARES Act. That bill included the Payroll Protection Program (PPP), in which small...more

Holland & Knight LLP

Update for Employers: Recent Legislation Improves, Extends Employee Retention Credit

Holland & Knight LLP on

Please note: This alert has been updated with new developments after the enactment of the Infrastructure Investment and Jobs Act. The Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized a refundable tax...more

Wiley Rein LLP

PPP Recipients Beware – Your Loan Forgiveness May Be a Credit Due Back to Government

Wiley Rein LLP on

One of most significant aspects of the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was the “Paycheck Protection Program” (PPP). PPP, administered by the Small Business Administration (SBA), authorized...more

Proskauer Rose LLP

Where Are We Now? An Up-to-Date Guide to the Paycheck Protection Program

Proskauer Rose LLP on

Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, Congress has enacted subsequent laws and the U.S. Small Business Administration (the “SBA”) and the U.S...more

Proskauer Rose LLP

Paycheck Protection Program – Borrower Appeals of Final SBA Loan Review Decisions

Proskauer Rose LLP on

On September 16, 2021, the U.S. Small Business Administration (“SBA”) issued an Interim Final Rule (the “Borrower Appeal Rule”) detailing the (largely technical) procedures for a Paycheck Protection Program (“PPP”) borrower...more

Proskauer Rose LLP

SBA Expands COVID Disaster Loans

Proskauer Rose LLP on

Effective September 8, 2021, the U.S. Small Business Administration (“SBA”) significantly expanded the ability of small businesses to apply for low-interest loans through the revised COVID Economic Injury Disaster Loan...more

Holland & Knight LLP

SBA Modifies COVID-19 Small Business Disaster Loans to Support the Hardest-Hit Businesses

Holland & Knight LLP on

The U.S. Small Business Administration (SBA) announced changes to its emergency loan programs intended to provide critical access to capital for the industries hardest hit by COVID-19. On Sept. 8, 2021, the SBA published a...more

Dorsey & Whitney LLP

Deferment Period Extended for PPP Borrowers that Appeal Adverse Forgiveness Decisions

Dorsey & Whitney LLP on

Effective July 28, 2021, the Small Business Administration (“SBA”) announced a new interim final rule that, inter alia, extends the “deferment period” for borrowers that appeal a final SBA loan review decision. Borrowers are...more

Genova Burns LLC

Paycheck Protection Program - Necessity Questionnaire

Genova Burns LLC on

The Small Business Administration ("SBA") has announced, via the Paycheck Protection Program FAQs, that it has discontinued use of the Loan Necessity Questionnaire, citing delays caused by loan necessity reviews. These do not...more

Proskauer Rose LLP

Paycheck Protection Program – Where Are We Now? An Up-To-Date Guide to the Paycheck Protection Program (UPDATED)

Proskauer Rose LLP on

Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, Congress has enacted subsequent laws and the U.S. Small Business Administration (the “SBA”) and the U.S...more

Seyfarth Shaw LLP

Paycheck Protection Program: Loan Forgiveness Deadlines Approaching

Seyfarth Shaw LLP on

The Paycheck Protection Program (PPP) loan forgiveness deadlines are quickly approaching. In order to avoid making unnecessary PPP loan payments, borrowers must submit loan forgiveness applications to their lenders within 10...more

Jackson Walker

Paycheck Protection Program (PPP) Update – SBA Withdraws Loan Necessity Questionnaire

Jackson Walker on

The Paycheck Protection Program (PPP) officially ended on May 31, 2021. From April 2020 through May 2021, the program provided approximately 12 million loans totaling nearly $800 million that helped businesses keep their...more

ArentFox Schiff

Investigations Newsletter: Four Convicted of Scheme to Fraudulently Obtain Millions in COVID-19 Relief Programs

ArentFox Schiff on

After an eight-day trial, a federal jury convicted four California residents for their scheme to submit fraudulent loan applications seeking millions of dollars in the Paycheck Protection Program (PPP) and Economic Injury...more

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