Background -
The Corporate Transparency Act of 2019 (“CTA”) became effective on January 1, 2024. Under the CTA, all “reporting companies” must file a Beneficial Ownership Information (BOI) report with the Financial Crimes...more
8/1/2024
/ Beneficial Owner ,
Corporate Transparency Act ,
Disclosure Requirements ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Fines ,
Noncompliance ,
Penalties ,
Popular ,
Reporting Requirements ,
Sanctions
The deadline to apply for a Paycheck Protection Program (PPP) loan is August 8, 2020. At this time, it appears that there is almost $130 billion in funds remaining available under the Paycheck Protection Program....more
On July 4, 2020, President Trump signed the bill extending availability under the Paycheck Protection Program (PPP) to August 8, 2020. As of June 30, 2020, there was over $130 billion in funds remaining available under the...more
The United States and the world are in the midst of a pandemic and a resulting economic crisis of massive proportion, with most businesses, including many venture capital and private equity backed companies, experiencing...more
On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (“PPPFA”). The PPPFA amends the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic...more
6/12/2020
/ CARES Act ,
Federal Loans ,
Joint Statements ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Secretary of the Treasury
The U.S. Small Business Administration (SBA) recently issued an Interim Final Rule that confirms that when calculating the number of employees of an entity for purposes of determining eligibility for a PPP loan, an entity...more
As discussed in our previous client alerts, the SBA has released additional guidance on its review of the certification regarding the necessity of a PPP loan and extended the safe harbor to repay PPP loans to May 18, 2020. ...more
The SBA has released its Loan Forgiveness Application and Instructions for Borrowers, which provides the application and instructions for borrowers to calculate and submit their request to have all or a portion of their PPP...more
The Small Business Administration (SBA) recently released additional guidance that businesses that are part of a single corporate group shall in no event receive more than $20 million of Paycheck Protection Program (PPP)...more
5/4/2020
/ Affiliated-Business Arrangements ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Franchises ,
Hospitality Industry ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
The Paycheck Protection Program (the “PPP”) under the recently-enacted CARES Act was designed to protect jobs with “forgivable” loans to small businesses. While some guidance has already been issued by the Small Business...more