The Employee Retention Credit (ERC) was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 27, 2020, to encourage businesses to keep employees on their payroll during the pandemic....more
5/13/2021
/ American Rescue Plan Act of 2021 ,
American Taxpayer Relief Act ,
Biden Administration ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Employee Retention ,
Employment Tax ,
Paycheck Protection Program (PPP) ,
Social Security Taxes ,
Startups ,
Tax Credits
The Small Business Administration (SBA) published new guidance declaring Chapter 11 debtors with confirmed plans as eligible for Paycheck Protection Program (PPP) loans. The new guidance creates an exception to the SBA’s...more
The Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program, which provides long-term loans directly from the SBA, has been significantly enhanced. Beginning April 6, 2021, qualified companies can...more
The $1.9 trillion stimulus package, known as the American Rescue Package (the “Rescue Package”), enacted on March 11, 2021, established a $28.6 billion Restaurant Revitalization Fund (“Restaurant Fund”) for restaurants and...more
4/2/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Grants ,
Financial Distress ,
Good Faith ,
Paid Sick Leave ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
Restaurant Industry ,
SBA ,
SBA Lending Programs
President Biden has announced changes to the Paycheck Protection Program 2.0 (PPP) designed to direct more funding to women-owned and minority-owned businesses as well as low- and moderate-income, rural, and other underserved...more
3/1/2021
/ Biden Administration ,
CARES Act ,
Coronavirus/COVID-19 ,
Independent Contractors ,
ITIN ,
Loan Forgiveness ,
Minority-Owned Businesses ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
SBA ,
Self Employed ,
Small Business ,
Taxable Income ,
Women-Owned Businesses
The Consolidated Appropriations Act, comprised of more than 5,500 pages and including a $900 billion stimulus package, became law on December 27, 2020. As part of this law, the Economic Aid to Hard-Hit Small Businesses,...more
1/12/2021
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Economic Aid Act ,
Loan Forgiveness ,
NAICS ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
Small Business Loans
The Small Business Administration (“SBA”) is accepting comments until November 26, 2020 (Thanksgiving) on two proposed loan necessity questionnaires for Paycheck Protection Program (“PPP”) loans in excess of $2 million: SBA...more
11/16/2020
/ Assessment ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Debt Securities ,
For-Profit Corporations ,
Liquidity ,
Loan Applications ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
Safe Harbors ,
SBA ,
Supplemental Information
On June 19 and June 22, 2020, the Small Business Administration (“SBA”) issued new revisions to their First Interim Final Rule concerning the Paycheck Protection Program (“PPP”). The Revised Interim Final Rule and the...more
Several recent bankruptcy court decisions reveal that a temporary restraining order prohibiting the Small Business Administration (SBA) from enforcing its rule that a debtor in bankruptcy cannot qualify for a Paycheck...more
Several recent bankruptcy court decisions reveal that a temporary restraining order prohibiting the Small Business Administration (SBA) from enforcing its rule that a debtor in bankruptcy cannot qualify for a Paycheck...more
UPDATE: On June 5, 2020, the Paycheck Protection Program Flexibility Act (H.R. 7010) (the Flexibility Act) was signed into law, and on June 11, 2020, the Small Business Administration (SBA) released a revised interim final...more
On May 27, 2020, the U.S. House of Representatives overwhelmingly approved a bill which if enacted into law would make the Paycheck Protection Program (PPP) more helpful to small businesses, including through an expansion of...more
On May 22, 2020, the U.S. Small Business Administration (“SBA”) released two Interim Final Rules (“IFRs”) providing additional guidance on Payment Protection Program (“PPP”) loan forgiveness rules and the procedure by which...more
The SBA has provided a good faith necessity certification safe harbor for certain PPP borrowers with loans less than $2 million and also has limited PPP funds to $20 million for corporate groups...more
The federal government has committed $670 billion dollars in forgivable loans to small businesses under the Paycheck Protection Program (“PPP”), which was part of the Coronavirus Aid, Relief, and Economic Stability Act (the...more
Recent bankruptcy court decisions in In re Hidalgo and In re Cosi Inc. indicate that courts are split on whether the U.S. Small Business Administration (SBA) and participating lenders can deny Paycheck Protection Program...more
In addition to the programs established and the powers granted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Treasury Department and Federal Reserve Board of Governors are leveraging...more
The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) expanded the existing Economic Injury Disaster Loan program (“EIDL”) by streamlining the application process and providing lower interest rates and longer...more
As small businesses backed by venture capital or private equity analyze whether they may qualify for the benefits of the SBA Paycheck Protection Program (PPP), we are starting to see “knee-jerk” reactions by many of these...more
The SBA Paycheck Protection Program (PPP) was enacted to provide loans to small businesses to protect and maintain jobs. For those small businesses backed by venture capital or private equity, however, the affiliation rules...more
Relief for mid-sized businesses covered in Title IV of the CARES Act has been overshadowed by discussions of that provided for small businesses. This alert covers relief available to businesses and non-profit organizations...more
The $349 billion Payment Protection Program (PPP) established by Title I of the Coronavirus Aid, Relief, and Economic Stability Act (CARES Act) is intended to help small businesses sustain themselves and keep their workers...more
Information regarding the affiliate rules that can impact access to the Small Business Administration (SBA) Paycheck Protection Program (PPP) under the CARES Act for our venture capital-backed clients is complex. Although...more
On March 31, 2020, the U.S. Small Business Administration (SBA) released the Paycheck Protection Program Application Form for use with the SBA Paycheck Protection Program (PPP) loans. Applications for PPP loans may be...more
On Friday, March 27, 2020, the President signed into law The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides up to $2 trillion to address the severe economic dislocation caused by the...more