Holland & Knight has learned through customary deal due diligence that some borrowers – especially those who received a Paycheck Protection Program (PPP) loan through the U.S. Small Business Administration (SBA) – may have...more
4/22/2021
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Due Diligence ,
Economic Injury Disaster Loans ,
Fraud ,
Fraud Alerts ,
Lenders ,
Liens ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
UCC Financing Statements ,
Uniform Commercial Code (UCC)
The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act), which was included in the Consolidated Appropriations Act, 2021, was signed into law on Dec. 27, 2020. The U.S. Small Business...more
President Donald Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act), which was included in the Consolidated Appropriations Act, 2021, on Dec. 27, 2020. In turn, the U.S....more
1/13/2021
/ 501(c)(3) ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Entertainment Venues ,
Interest Rates ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA Lending Programs
Unforgiven Paycheck Protection Program (PPP) loans have created a great deal of consternation for PPP borrowers looking to engage in merger and acquisition (M&A) transactions, as well as other asset sale, equity and...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created the U.S. Small Business Administration's (SBA) Paycheck Protection Program (PPP) to provide relief to small businesses affected by COVID-19 and to...more
On June 3, 2020, Congress sent bipartisan legislation to modify the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) to President Donald Trump for his signature. The PPP is a popular loan program...more
The U.S. Small Business Administration (SBA) published two new Interim Final Rules (IFRs) on May 22, 2020, related to the Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security Act...more
Employers rushed to apply for the first $349 billion in Paycheck Protection Program (PPP) loans made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which Congress has increased to $670...more
5/21/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Federal Loans ,
Full-Time Employees ,
Good Faith ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Small Business
The U.S. Small Business Administration (SBA) published a new Interim Final Rule (IFR) on May 18, 2020, related to the Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security Act (CARES...more
The U.S. Small Business Administration (SBA) has released guidance just one day before its safe harbor repayment deadline of May 14, 2020, to help a Paycheck Protection Program (PPP) borrower determine whether it lacked a...more
5/15/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
U.S. Treasury
The U.S. Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, has extended the deadline to repay Paycheck Protection Program (PPP) loans by one week. In further response to the SBA's...more
A key feature of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Paycheck Protection Program (PPP), which now authorizes $670 billion for qualifying businesses to obtain loans for payroll, benefits, rent...more
The original intent of Congress was that the Paycheck Protection Program (PPP) would serve to disburse federal funds into the hands of many of the nation's employees who were either furloughed or soon-to-be furloughed as a...more
The U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) loans available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) are intended for small businesses to support ongoing...more
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) includes specific programs sponsored by the U.S. Small Business Administration (SBA) designed to provide economic relief for those small business concerns that...more