On October 2, 2020, the SBA provided notice to PPP lenders regarding the process by which PPP borrowers may undertake a “change of ownership” while a loan is outstanding. Previously there was little guidance provided to...more
With many PPP borrowers now working their way through the intricacies of the forgiveness calculations and related analysis, the SBA and Treasury Department announced on August 24, 2020 new clarifications on certain aspects of...more
With the time period for processing a Paycheck Protection Program (PPP) loan with the SBA ending on June 30, borrowers are now focused on the process of applying for loan forgiveness. On June 25, we were joined by SBA Deputy...more
On June 16, 2020, the SBA released a revised form of Loan Forgiveness Application, which incorporates the changes provided in the PPP Flexibility Act that we previously discussed, as well as a new “EZ” form intended to...more
On May 28, the House of Representatives passed legislation that amends certain provisions of the Paycheck Protection Program (PPP) largely in an effort to extend the period by which borrowers are permitted to use the proceeds...more