Updated February 24, 2022 -
Update: On January 27, 2022, the Small Business Administration (“SBA”) issued SBA Procedural Notice 5000-82766, SBA Loan Reviews of Paycheck Protection Program Lender Partial Approval...more
Update: On September 16, 2021, the Final Rule on Borrower Appeals of Final SBA Loan Review Decisions was posted and became effective on September 14, 2021 (the “Final Rule”). The Final Rule applies to all appealable final SBA...more
Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the further revised and updated applications posted on July 30, 2021, as...more
8/18/2021
/ American Rescue Plan Act of 2021 ,
Applications ,
Business Expenses ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
SBA ,
U.S. Treasury
Update: On July 28, 2021, an Interim Final Rule on COVID-19 Revenue Reduction Score, Direct Borrower Forgiveness Process, and Appeals Deferment was posted. That Interim Final Rule conforms the applicable PPP rules to provide...more
As per our earlier articles, in late 2020, the SBA began requiring borrowers with First Draw PPP loans $2 million or greater to complete a PPP Loan Necessity Questionnaire (Form 3509 (For Profit Borrowers) or Form 3510...more
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There...more
Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the revised and updated applications posted on May 24, 2021, as well as...more
6/1/2021
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Required Documentation ,
Required Forms ,
SBA ,
Small Business
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans -
On January 6, 2021, the Small Business...more
5/6/2021
/ Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more
5/6/2021
/ Applications ,
Borrowers ,
CARES Act ,
Certifications ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Excluded Providers ,
Filing Deadlines ,
Loan Forgiveness ,
Loans ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Required Documentation ,
Safe Harbors ,
SBA ,
Small Business
The Coronavirus Aid, Relief, and Economic Security Act (as amended and modified, the “CARES Act”) was enacted to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 emergency. Among...more
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans -
On January 6, 2021, the Small Business...more
3/30/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more
3/30/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans -
On January 6, 2021, the Small Business...more
3/25/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more
3/25/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
The Coronavirus Aid, Relief, and Economic Security Act (as amended and modified, the “CARES Act”) was enacted to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 emergency. Among...more
3/25/2021
/ Amended Regulation ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
Small Business
Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the revised and updated applications posted on January 19, 2021, as well as...more
3/22/2021
/ Amended Regulation ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Documentation ,
Economic Aid Act ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
Salary/Wage History ,
SBA ,
Small Business
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans -
On January 6, 2021, the Small Business...more
3/18/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more
3/18/2021
/ American Rescue Plan Act of 2021 ,
Borrowers ,
Certificate of Need ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Safe Harbors ,
SBA ,
Small Business
Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the revised and updated applications posted on January 19, 2021, as well as other forgiveness procedures as updated by the Economic...more
3/4/2021
/ Amended Regulation ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
Small Business
Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more
3/4/2021
/ CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Employee Retention ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Small Business ,
Tax Credits
Unpacking the Economic Aid Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans (January 14, 2021) -
Late on January 6, 2021, the Small Business...more
2/19/2021
/ Applications ,
Borrowers ,
CARES Act ,
Certifications ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Eligibility ,
Exclusions ,
Filing Deadlines ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
New Legislation ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Required Documentation ,
SBA ,
Small Business
Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second Draw Rules”). These rules announced the implementation of section 311 of the Economic...more
2/19/2021
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Eligibility ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
Required Documentation ,
Required Forms ,
SBA ,
Small Business
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There...more
2/2/2021
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
New Legislation ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits
Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more
2/2/2021
/ Applications ,
Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits
Borrowers under the Small Business Administration’s (the “SBA”) Paycheck Protection Program (“PPP”) are required to either maintain or submit to lenders and the SBA certain documentation associated with their application for...more
1/28/2021
/ Appeals ,
Applications ,
Borrowers ,
CARES Act ,
Certifications ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
Required Documentation ,
Required Forms ,
SBA ,
Small Business