The U.S. Treasury recently issued additional guidance in the form of frequently asked questions regarding the Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security Act. The guidance...more
Congress recently extended the deadline by which businesses may apply for loans under the Paycheck Protection Program (PPP) from June 30 to August 8, 2020. The measure is expected to be signed by President Trump. For...more
As we previously predicted, the Small Business Administration (SBA) recently released a new loan forgiveness application and related instructions for those borrowers seeking forgiveness of Paycheck Protection Program (PPP)...more
On Friday, June 5, 2020, bipartisan legislation aimed at addressing many of the issues and difficulties that have arisen with respect to the loan forgiveness provisions of the Paycheck Protection Program (PPP) became law. The...more
The Small Business Administration and the Treasury Department have finally issued an application and instructions for borrowers seeking forgiveness of all or a portion of their Paycheck Protection Program (PPP) loans. As...more
Today, the SBA and Treasury issued their previously promised guidance regarding how the SBA would review borrowers’ good faith certifications in applications for Paycheck Protection Program (PPP) loans. The new guidance comes...more
On May 5, 2020, the U.S. Treasury extended the safe harbor from May 7, 2020 to May 14, 2020 for businesses to return funds wrongly received under the Paycheck Protection Program...more
Over the last several weeks, Sullivan has issued numerous client alerts that explore the Paycheck Protection Program (PPP) instituted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and other funding...more
Late in the evening on Friday, April 3, 2020, the Small Business Administration ("SBA") took certain actions to help address some of the gating questions that arose during the course of the week regarding loans available...more
The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), signed into law by President Trump on March 27, 2020, provides access to loans or tax credits to certain nonprofit organizations and encourages...more