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U.S. Treasury Small Business Administration SBA Lending Programs

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

Wiley Rein LLP

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

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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

Miller Canfield

UPDATED: PPP Application Deadline Extended to May 31, 2021

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UPDATED, APRIL 5, 2021: On March 30, 2021, President Biden signed the PPP Extension Act of 2021 into law extending the Paycheck Protection Program from March 31, 2021, to June 30, 2021. However, the SBA may not accept new...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

Dentons

PPP Loan Applications Reopen January 11

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The Small Business Administration and Department of the Treasury announced plans to reopen Paycheck Protection Program loan applications starting with community financial institutions on Monday, January 11. The bill...more

Nutter McClennen & Fish LLP

Special Edition Nutter Bank Report: COVID-19 Relief in the Consolidated Appropriations Act, 2021

A long-awaited bipartisan stimulus bill was signed into law by President Trump on December 27, 2020. Included in the law, known as the Consolidated Appropriations Act, 2021 (the “Act”), are economic stimulus measures and a...more

Pullman & Comley, LLC

SBA and Treasury Provide Relief to Small Borrowers

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On October 8, 2020, the US Small Business Administration (SBA) issued another Interim Final Rule under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This Rule provides immediate relief in the form of a...more

BCLP

SBA Confirms Impact of PPP Flexibility Act on Outstanding Promissory Notes

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On October 7, 2020, the Small Business Administration and Treasury Department updated their Frequently Asked Questions on the Paycheck Protection Program with FAQ 52. As reflected in the question, the PPP Flexibility Act made...more

WilmerHale

Weekly COVID-19 Oversight & Enforcement Report - July 2020 #2

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Treasury and the SBA disclosed the identities of a portion of PPP loan recipients. The Washington Post has created a searchable database of the recipients. Politico reports that the revelation that wealthy businesses and...more

Burr & Forman

SBA Releases List of PPP Borrowers – Which Businesses Are Now Audit Targets?

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The SBA and the United States Treasury have now released a list of over 600,000 PPP loan borrowers who received PPP loans of $150,000 or more. This list includes the name of the borrowers, the general loan range of the PPP...more

Lowenstein Sandler LLP

FAQs on Pandemic-Related Issues for Small Businesses and Nonprofits

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This resource was prepared by Lowenstein Sandler for informational purposes only. It is not intended to give, and should not be relied upon for, legal advice in any particular circumstance or fact situation. Use of this...more

Woods Rogers

PPP Loan Forgiveness Application

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This Article is based on information available as of May 18, 2020.  The information is subject to change as additional guidance is provided. The SBA has now published its PPP Loan Forgiveness Application (SBA Form 3508) which...more

Haynsworth Sinkler Boyd, P.A.

SBA Issues New Interim Rule On Foreign Affiliates

The U.S. Small Business Administration (SBA) published a new interim final rule on Monday, May 18, 2020, which addresses the question of whether U.S. companies must include employees of foreign affiliates for purposes of...more

Woods Rogers

Additional guidance from the SBA on "available liquidity" element of certifications for PPP Loans – Safe Harbor extended to May...

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Since the passage of the CARES Act and the SBA completing the first round of PP Loans, companies have been dealing with an ever changing set of guidelines interpreting the eligibility requirements for a PPP Loan and the...more

Lathrop GPM

Paycheck Protection Program (PPP) update, with our own “Frequently Asked Questions”

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Anyone closely considering or utilizing the PPP has undoubtedly heard about the U.S. Small Business Administration’s (SBA’s) so-called “Frequently Asked Questions” (FAQs) that the agency has been issuing and updating on a...more

Haynsworth Sinkler Boyd, P.A.

Guidance For Lenders On PPP Forgiveness

The Small Business Administration issued the long-awaited Paycheck Protection Program Loan Forgiveness Application (the “Application”), together with instructions (the “Instructions”), on May 15, 2020. The Application...more

Holland & Knight LLP

SBA Provides Safe Harbor for PPP Borrowers Receiving Less than $2 Million

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The U.S. Small Business Administration (SBA) has released guidance just one day before its safe harbor repayment deadline of May 14, 2020, to help a Paycheck Protection Program (PPP) borrower determine whether it lacked a...more

Vinson & Elkins LLP

New Guidance On SBA Review Of Certification Of Necessity Under Paycheck Protection Program

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On May 13, 2020, the Department of the Treasury and the Small Business Administration (“SBA”) released guidance on how SBA will review a borrower’s required certification that “[c]urrent economic uncertainty makes this loan...more

McCarter & English, LLP

SBA Issues Guidance On Good Faith Necessity Certification Safe Harbor, Limits PPP Funds To $20 Million For Corporate Groups

The SBA has provided a good faith necessity certification safe harbor for certain PPP borrowers with loans less than $2 million and also has limited PPP funds to $20 million for corporate groups...more

Porter Hedges LLP

Alert: "SBA Issues Additional Guidance On Good Faith 'Necessity' Certification Of PPP Loans"

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On May 13, 2020, the Small Business Administration (SBA) announced additional guidance regarding the good faith “necessity” certification for Paycheck Protection Program (PPP) loans in the form of a new Frequently Ask...more

Fisher Phillips

Businesses That Obtained PPP Loans Under $2M Will Not Be Audited (UPDATED)

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One long week after the U.S. Treasury announced that it was extending the Paycheck Protection Program Loan “safe harbor” deadline to May 14, the U.S. Treasury announced this morning that borrowers whose loan amount (combined...more

Jackson Walker

SBA Offers Safe Harbor on PPP Good Faith Certifications of Necessity

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When submitting a Paycheck Protection Program (PPP) loan request, medical providers and all other borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the...more

Dentons

PPP Money: Demonstrating You Meet the SBA Requirements

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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created the Paycheck Protection Program (PPP), authorizing certain businesses to apply for loans, a portion of which was eligible for forgiveness through the...more

Eversheds Sutherland (US) LLP

New guidance issued on Paycheck Protection Program; loans with original amounts under $2 million will be deemed in good faith

The Treasury and the Small Business Administration (SBA) today updated its set of Frequently Asked Questions (FAQs) with respect to the Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief, and...more

Nutter McClennen & Fish LLP

PPP Good Faith Certification Safe Harbor Announced by SBA

On May 13, the SBA published FAQ #46 in its continuing list of frequently asked questions, regarding the review of borrower’s good faith certification of the necessity of their loan request. Notably, the SBA announced that...more

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