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
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
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
Lenders play a large role in the Paycheck Protection Program (“PPP”) loan forgiveness review and appeals process.
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act” or “PPP2...more
1/27/2021
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Required Documentation ,
Required Forms ,
SBA ,
Small Business
On January 19, 2021, the Small Business Administration (the “SBA”) in consultation with the Department of Treasury (“Treasury”) posted new forgiveness application forms and the Interim Final Rule on Loan Forgiveness...more
1/27/2021
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Required Documentation ,
Required Forms ,
SBA ,
Small Business
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. There are...more
12/29/2020
/ Applications ,
Borrowers ,
Business Necessity ,
CARES Act ,
Certification Requirements ,
Confidential Information ,
Coronavirus/COVID-19 ,
Financial Institutions ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
SBA
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
12/14/2020
/ Borrowers ,
CARES Act ,
Change of Ownership ,
Coronavirus/COVID-19 ,
Lenders ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
Popular ,
Required Forms ,
SBA ,
Small Business ,
Small Business Loans
Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. The...more
Borrowers applying for loan forgiveness under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) should familiarize themselves with the SBA guidance regarding the loan forgiveness review process....more
10/12/2020
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Good Faith ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Relief Measures ,
SBA ,
Small Business
Borrowers applying for loan forgiveness under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) should familiarize themselves with the SBA guidance regarding the loan forgiveness review process....more
Borrowers applying for loan forgiveness under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) should familiarize themselves with the SBA guidance regarding the loan forgiveness review process....more