News & Analysis as of September 18, 2024

Small Business Loans

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The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA carries out its mission through a variety of programs including providing financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities and armed forces veterans. less -

SBA to Adopt Revised Small Business Loan Guidelines Effective March 2024

Lippes Mathias LLP on 2/29/2024

On February 15th, the U.S. Small Business Administration published a final rule to adopt the current statutory alternative size standard for its 7(a) and 504 loan programs, subject to an adjustment for inflation that has...more

Recent Changes for Contractors to Consider - SBA Small Business Credit Rules, CMMC Updates, CTA Reporting, FLSA Overtime...

Womble Bond Dickinson on 1/29/2024

Aerospace, defense, and security businesses are subject to a myriad of regulations and operational requirements that are constantly changing. These include things like SBA rules for credit for small businesses and...more

SBA Issues New Guidance on Loan Forgiveness

Manatt, Phelps & Phillips, LLP on 2/18/2021

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

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

Downs Rachlin Martin PLLC on 1/12/2021

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

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

Snell & Wilmer on 1/11/2021

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

SBA Provides New Guidance on Loan Necessity Questionnaires for PPP Loan Recipients: Prepare Now or Risk Being Denied Forgiveness

Partridge Snow & Hahn LLP on 12/14/2020

On December 9, 2020, the Small Business Administration (the “SBA”) released Paycheck Protection Program (“PPP”) Loans FAQ #53, which provides additional information regarding the Loan Necessity Questionnaires (SBA Forms 3509...more

A Guide to the SBA PPP Loan Forgiveness Review Process - Update #3

Schwabe, Williamson & Wyatt PC on 11/19/2020

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

SBA Issues New Guidance Regarding Changes Of Ownership For PPP Borrowers

Tonkon Torp LLP on 10/9/2020

On October 2, 2020, the Small Business Administration published new guidance outlining the procedures that PPP borrowers and lenders must follow in the event that a PPP borrower undergoes a “change of ownership.” For parties...more

SBA Provides Guidance on Rules for M&A Transactions Involving PPP Loans

Hinshaw & Culbertson LLP on 10/9/2020

In a previous client alert, we had advised you of issues facing a purchaser of a business which had received a Paycheck Protection Plan (PPP) loan. PPP loans are Small Business Administration (SBA) Section 7(a) loans....more

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update

Schwabe, Williamson & Wyatt PC on 9/28/2020

Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more

SBA Issues New Forgiveness Guidance Prior to Opening its Loan Forgiveness Portal

Downs Rachlin Martin PLLC on 8/11/2020

Guidance on SBA PPP Loan Forgiveness Portal - While the SBA is still preparing for the anticipated August 10 launch of its loan forgiveness portal, earlier this week it released new guidance answering 23 frequently asked...more

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips

Schwabe, Williamson & Wyatt PC on 8/10/2020

Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower may submit a loan forgiveness application any time on or before...more

SBA Releases PPP Loan Forgiveness FAQs

Burr & Forman on 8/7/2020

On August 4, the Small Business Administration (“SBA”) released an initial set of frequently asked questions regarding the forgiveness of paycheck protection program (“PPP”) loans (the questions, the “Forgiveness FAQs”). The...more

Where is Main Street?—Fed Provides Guidance on the Main Street Lending Program - July 2020

Proskauer Rose LLP on 7/13/2020

Originally published on May 4, 2020. Last updated as of July 10, 2020. The Federal Reserve Bank of Boston recently published information in anticipation of the launch of the Main Street Lending Program under the CARES Act,...more

We Can Work It Out: The SBA Continues Providing Guidance on the PPP and Loan Forgiveness

Foster Garvey PC on 6/24/2020

The Small Business Administration (“SBA”) continues its quest to provide guidance relative to the Paycheck Protection Program (“PPP”) enacted as part of the CARES Act and the Paycheck Protection Program Flexibility Act of...more

SBA Guidance Clarifies PPP Forgiveness & Felony Conviction Eligibility. Re-Opens Economic Injury Disaster Loan Program

Holland & Hart LLP on 6/19/2020

On June 11th and 12th, the Treasury Department and the Small Business Administration (SBA) unveiled consecutive days of revisions to the first interim final rule for the Paycheck Protection Program (PPP) as well as revised...more

SBA Releases New Paycheck Protection Program Loan Forgiveness Applications and Instructions

Sullivan & Worcester on 6/18/2020

As we previously predicted, the Small Business Administration (SBA) recently released a new loan forgiveness application and related instructions for those borrowers seeking forgiveness of Paycheck Protection Program (PPP)...more

SBA Issues Fresh Guidance and Streamlined Forgiveness Application

Bracewell LLP on 6/18/2020

On June 16, the Small Business Administration released an updated PPP Loan Forgiveness Application (SBA Form 3508) and a simplified version for certain eligible borrowers (SBA Form 3508EZ), both reflecting program changes...more

60% Is Not a Cliff, Indeed

Verrill on 6/18/2020

On June 11, the Small Business Administration (SBA) and the Treasury Department published important guidance that the revised 60% condition under the Paycheck Protection Program Flexibility Act will be applied...more

Alert: "Paycheck Protection Program Flexibility Act Of 2020 Amends The CARES Act To Provide Borrowers Additional Relief"

Porter Hedges LLP on 6/9/2020

On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (PPPFA) became law providing additional relief to borrowers under the Paycheck Protection Program (PPP). The PPPFA amends the original Coronavirus Aid,...more

PPP Update: Passage Of Paycheck Protection Program Flexibility Act

Tonkon Torp LLP on 6/8/2020

On Wednesday, June 3, the Senate passed the Paycheck Protection Program Flexibility Act (“Flexibility Act”), a bill that loosens the restrictions for obtaining loan forgiveness under the Paycheck Protection Program (“PPP”)....more

New Forgiveness Flexibility for PPP Borrowers

Ward and Smith, P.A. on 6/5/2020

On June 3, the United States Senate approved the "Paycheck Protection Program Flexibility Act of 2020" (H.R. 7010). The new law was signed by the President and became effective on June 5. This law amends the CARES Act and...more

Legislative Fix for PPP Loan Forgiveness Problems

Hinshaw & Culbertson LLP on 6/5/2020

The Small Business Administration (SBA) and the U.S. Department of the Treasury released an Interim Final Rule on Paycheck Protection Program (PPP) Loan Forgiveness and the PPP Loan Forgiveness Application....more

The Main Street Lending Program: Additional Guidance for Borrowers

Pillsbury Winthrop Shaw Pittman LLP on 6/2/2020

Companies that may want to borrow under the Main Street Lending Program should take note of additional guidance recently issued by the Federal Reserve Bank of Boston. The Federal Reserve Bank of Boston has issued further...more

Buchalter COVID-19 Client Alert: PPP Flexibility Act Passes House, Likely Vote in Senate Next Week

Buchalter on 6/1/2020

By a near-unanimous 417-1 vote, the House has passed the PPP Flexibility Act, which if enacted would, among other things, extend the time to utilize Payroll Protection Program (PPP) loan proceeds and obtain forgiveness,...more

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