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Small Business CARES Act Relief Measures

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

Miller Canfield

Debt Limit to Qualify for Subchapter V and Chapter 13 Set to Revert This Summer

Miller Canfield on

In 2022, Congress passed the Bankruptcy Threshold Adjustment and Technical Corrections Act (the “Act”), raising the debt limits for bankruptcy cases under the Small Business Reorganization Act (“SBRA,” a.k.a. “Subchapter V”)...more

Buckingham, Doolittle & Burroughs, LLC

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...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

Adams and Reese LLP

More Businesses Now Eligible for Employee Retention Credit (ERC) – Do You Qualify?

Adams and Reese LLP on

What is the ERC? Congress introduced the Employee Retention Credit (ERC) as part of the CARES Act to encourage businesses to keep employees on their payroll during the pandemic. ...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

Venable LLP

Businesses Affected by COVID-19 in 2020 or 2021 Can Still Claim Tax Credits

Venable LLP on

While many businesses have already taken advantage of the opportunities available to them under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent COVID‑19 relief legislation, there are still...more

Womble Bond Dickinson

Sun Sets on Increased Subchapter V Debt Limit for Now

Womble Bond Dickinson on

A key bankruptcy-related response to the pandemic has ended as the increased debt limits under subchapter V of chapter 11, passed by Congress in the CARES Act, have expired. In an effort to provide bankruptcy relief and...more

Arnall Golden Gregory LLP

What We Can Learn From Recent PPP Loan and COVID Fraud Cases

Since April 2020, through the CARES Act, the government has provided billions of dollars in emergency financial assistance to Americans suffering from the economic effects caused by the COVID-19 pandemic, including through...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

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

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

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

Schwabe, Williamson & Wyatt PC

Revised PPP Loan Forgiveness Applications and Guidance - Update #4

Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness ‎Applications and the detailed instructions for the revised and updated applications posted on May 24, 2021, ‎as well as...more

Schwabe, Williamson & Wyatt PC

10 Things to Know about Second Draw PPP Loans as Updated for the Economic Aid Act and the ARP Act - Update #5

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” (“Second...more

Ward and Smith, P.A.

Congratulations Bankruptcy Graduates! You Are Now Eligible for PPP Loans.

Ward and Smith, P.A. on

To be eligible for a Paycheck Protection Program ("PPP") loan, the applicant must certify on the borrower application that the applicant and any owner of 20% or more of the applicant are not “presently involved in any...more

Dunlap Bennett & Ludwig PLLC

Bankruptcy Update: The COVID-19 Bankruptcy Relief Act of 2021

On March 27, 2021, President Biden signed the COVID-19 Bankruptcy Relief Extension Act (the “Extension Act”) into law as Pub.L. 117-5. In relevant part, it extends by a year increased debt limits for small businesses and...more

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