President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021. The new law gives qualifying businesses and...more
3/31/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Planning ,
Tax Relief ,
Time Extensions
The second PPP loan program is due to expire March 31, 2021. Many eligible businesses have still not applied. President Biden announced changes to the program on February 22, 2021 making it easier to qualify for a PPP loan...more
The US Department of Justice announced the first civil settlement involving allegations of fraud against a PPP borrower. SlideBelts Inc. received a PPP loan under the CARES Act. SlideBelts is an internet retail company and...more
2/15/2021
/ CARES Act ,
Coronavirus/COVID-19 ,
Damages ,
Department of Justice (DOJ) ,
False Claims Act (FCA) ,
Federal Loans ,
Financial Fraud ,
Infectious Diseases ,
Paycheck Protection Program (PPP) ,
Penalties ,
SBA Lending Programs ,
Small Business
PPP loans received by individuals and businesses under the CARES Act will be audited (“reviewed”) by the SBA. The new Economic Aid Act also requires the SBA to submit a forgiveness audit plan within 45 days after enactment...more
The new Economic Aid Act passed by Congress authorizes new PPP loans for first-time borrowers, but also additional PPP loans for those that already received a loan last year....more
The SBA has now released broader information on borrowers who received loans under the Payroll Protection Program. The SBA’s release of this information was ordered by United States District Judge James E. Boasberg in a case...more
A United States District Judge in Washington has ordered the SBA to now release the names and other information of all Paycheck Protection Loan borrowers. In WP Company LLC d/b/a The Washington Post, et al., v. U.S. Small...more
On October 31, 2020, the SBA released new forms and related instructions requiring borrowers with PPP loans of $2 million or more to provide additional information related to their PPP loans. Titled “Loan Necessity...more
The SBA and the United States Treasury have now released a list of over 600,000 PPP loan borrowers who received PPP loans of $150,000 or more. This list includes the name of the borrowers, the general loan range of the PPP...more
7/9/2020
/ Audits ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Federal Loans ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Small Business ,
Small Business Loans ,
U.S. Treasury
The Paycheck Protection Program under the CARES Act ended June 30, 2020, and with over $520 billion loaned to nearly 4.9 million self-employed individuals and businesses. The PPP was hastily passed by Congress and...more
Payroll Protection Program (PPP) loans under the CARES Act are available not only to small business but to self-employed individuals, too. Banks began accepting PPP loan applications for self-employed individuals beginning...more