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
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
6/8/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Donald Trump ,
Extensions ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Popular ,
Small Business ,
Small Business Loans
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
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
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
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
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
The CARES Act authorizes $500 billion in lending to medium and large businesses, including nonprofits. A significant amount is set-aside for the aviation and national security sectors, with $454 billion remaining for other...more
4/1/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Health Care Providers ,
Healthcare ,
Lenders ,
Medicaid ,
Medicare ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Tax Relief ,
Unemployment Insurance