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PPP Application Period Extended 5 More Weeks

On July 4, 2020, the PPP Extension Bill (PPP Extension), was enacted to give small businesses more time to apply for loans under the Paycheck Protection Program (PPP). With approximately $130 billion remaining available...more

President Signs PPP Flexibility Act Helping Borrowers

On Friday, June 5 President Trump signed the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act) into law. The PPP Flexibility Act modifies the Paycheck Protection Program (PPP) that was contained in the...more

Are You Prepared? Audits & Investigations Under the Paycheck Protection Program

Congress created the Paycheck Protection Program (PPP), part of the CARES Act and administered by the Small Business Administration (SBA) and Treasury Department, to provide relief to small businesses in dire need of...more

Newly Released Guidance on Rehiring Employees for PPP Borrowers

On May 3, 2020, the SBA and the US Department of the Treasury released new guidance to assist businesses with calculating the forgiveness amount for Paycheck Protection Program (PPP) loans, with respect to employees who...more

IRS Bars Potential Double Tax Benefit for Use of PPP Loan Proceeds

Under IRS Notice 2020-32, no deduction is allowed for a payment that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to the CARES Act and the income associated with such...more

Key Details on the Covered Period For Loan Forgiveness Calculation

The CARES Act specifies that a PPP borrower will be eligible for forgiveness of indebtedness on a PPP loan in an amount equal to the sum of payroll costs, covered mortgage interest payments, covered rent payments, and covered...more

Main Street New Loan Facility and Main Street Expanded Loan Facility

Below is a summary of the Main Street New Loan Facility and the Main Street Expanded Loan Facility, details of which were released by the Federal Reserve this morning. Arent Fox will continue to update, and expand on, this...more

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