Update: President Biden signed the PPP Extension Act of 2021 on March 30, 2021. Eligible applicants for both the First and Second Draw PPP Loans now have until May 31, 2021 to submit their application....more
Since President Biden has taken office, eligibility to obtain a First and Second Draw Paycheck Protection Program (PPP) has been expanded. As such, the Small Business Association (SBA) recently updated First and Second Draw...more
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (the Rescue Plan) – a $1.9 trillion economic relief package. The Rescue Plan allocated an additional $7.25 billion to the Paycheck...more
The Biden-Harris administration announced on Feb. 22, 2021 several changes to the Paycheck Protection Program (PPP), including a focus on small minority-owned businesses. This first formal statement sets the tone of the new...more
The U.S. Department of Treasury and the Small Business Association (SBA) announced that it will reopen the Paycheck Protection Program (PPP) loan portal to all participating PPP lenders to submit First and Second Draw loan...more
On Jan. 6, 2021, the Small Business Administration (SBA) issued guidance regarding the stimulus package’s Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (previously reported here), which continued the...more
Late Sunday night, Congress came to an agreement on a long-awaited second stimulus package. President Trump is expected to sign the highly anticipated $900 billion stimulus package in the coming days. Out of that total...more
On August 24, 2020, the Small Business Association (SBA) issued guidance on the Paycheck Protection Program (PPP) pertaining to employee-owner compensation and nonpayroll costs eligible for loan forgiveness....more
The Syracuse Industrial Development Agency (SIDA) announced that it will be providing both grants and loans to small businesses and 501(c)(3) nonprofit corporations negatively affected by the coronavirus pandemic. Eligible...more
The U.S. Small Business Administration (SBA) recently issued the Paycheck Protection Program (PPP) Loan Forgiveness Application (the Application) along with an Interim Final Rule on Loan Forgiveness (the Forgiveness Final...more
The U.S. Small Business Administration (SBA) recently issued the Paycheck Protection Program (PPP) Loan Forgiveness Application (the Application). Available here, the highly anticipated Application provides important...more
The U.S. Small Business Administration (SBA) issued guidance on May 13, 2020 which authorizes lenders to increase the amount of Paycheck Protection Program (PPP) loans previously disbursed to partnerships that did not have...more
As detailed in our previous information memo available here, the U.S. Treasury Department issued guidance on April 24, 2020 providing safe harbor for borrowers that may not have satisfied the required good-faith certification...more
One of the seminal programs under the CARES Act is the forgivable Paycheck Protection Program (PPP) loan fund, which has been reported on in depth over the past month. For details on the program and its forgiveness...more
As discussed in our prior memo, the Paycheck Protection Program (PPP) loan is now available to eligible small businesses, nonprofits, veterans’ organizations, tribal concerns, eligible self-employed individuals, independent...more
The Coronavirus Economic Stabilization Act (the Stimulus Act) was established as part of the CARES Act. The Stimulus Act authorized two loan programs for large and midsize businesses: 1) the Main Street Lending Program...more
On April 14, 2020, the Small Business Association (SBA) issued an Interim Final Rule providing guidance on the CARES Act Paycheck Protection Program (PPP) and eligible self-employed individuals....more
April 1, 2020 By: Elizabeth L. Lehmann, Kate Chmielowiec, and Jeffrey B. Scheer The Department of Treasury has announced that eligible small businesses will be able to apply to the CARES Act Paycheck Protection Program (PPP)...more
Small businesses face unprecedented and unique financial difficulties in wake of the COVID-19 pandemic. This Information Memo provides a comprehensive summary of three main relief programs that may be available to small...more
Earlier today, the House of Representatives passed and President Trump signed the Coronavirus Aid, Relief and Economic Security Act or the CARES Act (the Act). The Act provides certain relief for businesses and individuals...more