News & Analysis as of

SBA Lending Programs Loan Forgiveness CARES Act

Husch Blackwell LLP

PPP Loan Audits Could Affect Millions of Borrowers

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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

PilieroMazza PLLC

PPP Loan Fall-Out: Expect More Audits and Investigations

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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

Proskauer Rose LLP

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

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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

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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

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

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Issue 6

Welcome to our sixth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights. SBA to Drop Its Review of PPP Loans of $2 Million and Above - "The effort marks an about-face for the agency...more

Chambliss, Bahner & Stophel, P.C.

SBA Discontinues Reliance on Loan Necessity Questionnaires

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

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

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

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Nonprofits - June 2021

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

Ervin Cohen & Jessup LLP

California Assembly Bill No. 80: Tax Treatment of Forgiven Paycheck Protection Program Loans

Our previous articles have summarized the Paycheck Protection Program (“PPP”) created under the Federal CARES Act: CARES Act: Paycheck Protection Program Loans, CARES Act: Loan Applications, CARES Act: Loan Forgiveness...more

Lowenstein Sandler LLP

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

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 Microbusinesses - UPDATED March 2021 #3

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

Bailey & Glasser, LLP

Paycheck Protection Program (PPP) Update: Biden Administration Announces Changes to PPP to Further Target Small Businesses

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On Monday, February 22, 2021, the Biden administration announced several reforms to the Paycheck Protection Program (PPP), the main U.S. COVID-19 aid program for small businesses, to further ensure equitable access for the...more

Orrick, Herrington & Sutcliffe LLP

An Overview of Loan Forgiveness Under the Reopened PPP

On January 19, 2021, the Small Business Administration (SBA) and the Department of the Treasury (Treasury) issued the Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid...more

Stinson LLP

Paycheck Protection Program - What Has Changed?

Stinson LLP on

Previously we reported on the various types of loan relief available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27, 2020....more

Dorsey & Whitney LLP

A PPP Borrower’s Predicament - When The SBA Denies Loan Forgiveness - Contest It - Appeal!

Dorsey & Whitney LLP on

Before the SBA “Reviews” Your Loan for “Forgiveness” - Be Prepared! If the SBA Denies Loan “Forgiveness” - You MUST Appeal!...more

Dunlap Bennett & Ludwig PLLC

Paycheck Protection Program: An Update Moving Into 2021

For the last seven months, the U.S. Small Business Association (“SBA”) and U.S. Treasury Department have administered one of the Federal government’s widely supported COVID-19 response programs, the Paycheck Protection...more

Robinson & Cole LLP

PPP Update: New Round with Some New Rules

Robinson & Cole LLP on

On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law as part of the Consolidated Appropriations Act, 2021 (the Act). The Act reopens the Paycheck Protection...more

Pullman & Comley, LLC

What’s New this Week with PPP Loans? Deadline for Eligible Borrowers is March 31, 2021

Pullman & Comley, LLC on

The Consolidated Appropriations Act, 2021 (H.R. 133-116) added $900 billion in stimulus relief to the spending packages dedicated to fighting the economic woes wrought by the COVID-19 pandemic. Title III of Division M of the...more

Cozen O'Connor

New PPP Forgiveness Guidance And Forms

Cozen O'Connor on

On January 19, SBA issued an interim final rule governing forgiveness of Paycheck Protection Program loans and also issued new versions of the three forgiveness application forms, including a streamlined form for loans up to...more

Burr & Forman

New “Second Draw” PPP Loans Under the Economic Aid Act for the Self-Employed/Sole Proprietors

Burr & Forman on

The new Economic Aid Act passed by Congress authorizes new PPP loans for first-time borrowers, but also additional PPP loans for those that already received a loan last year....more

Tucker Arensberg, P.C.

Interim Final Rules and Application Released for Second Draw PPP Loans

Tucker Arensberg, P.C. on

On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) (Pub. L. 116-260) into law to provide continued assistance to individuals and...more

Rosenberg Martin Greenberg LLP

Economic Aid Act – PPP Loan Update

What is the Economic Aid Act? The Economic Aid Act, among other things, reauthorizes lending under the Paycheck Protection Program (PPP) through March 31, 2021, modifies provisions related to making PPP loans and...more

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