Both the House and the Senate have now passed HR 7010 providing PPP borrowers more favorable terms. We first alerted you on May 27th of possible changes to PPP being considered by both the House and the Senate. Last night in...more
As some Paycheck Protection Program loan borrowers approach the close of their eight week covered period (the period during which loan proceeds can be used for certain expenses and the corresponding loan amount can be...more
You’ve been waiting. We’ve been waiting. Another week went by with no meaningful guidance on the forgiveness provisions of the Paycheck Protection Program. What better time to issue it than a beautiful Friday evening! We now...more
The US Department of Treasury released FAQ #46 this morning providing guidance on “how will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request.”...more
5/13/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
U.S. Treasury
With a second round of Paycheck Protection Program (“PPP”) funding coming available last week, a large percentage of small businesses either have already received (or will soon receive) the proceeds of a PPP loan. At only one...more
An updated PPP application has been released and it is our understanding that this updated application is the ONLY application that will be accepted by lending institutions...more
The SBA and Treasury moments ago released updated information on the new Paycheck Protection Program created by the CARES Act. The program is specifically designed to help small businesses (less than 500 employees) keep their...more