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SBA Guidance on PPP Borrowers: Transfers of Equity and Assets

On Friday, October 2, 2020, the Small Business Administration (“SBA”) issued a Procedural Notice setting out the required procedures for companies pursuing certain equity or asset purchases or sales, or other transfers, who...more

IRS Announces No Information Returns To Be Filed for PPP Loan Forgiveness

Under the Paycheck Protection Program (“PPP”) established by the CARES Act, a borrower is eligible for forgiveness of all or a portion of the principal amount of a loan made in accordance with the PPP if certain conditions...more

Down with PPPs? The Continuing Saga of the Payment Protection Program

No good deed goes unpunished. Aimed at providing a financial lifeline during the “stay home” world of the COVID-19 pandemic, the federal government flung the Paycheck Protection Program (“PPP”) to the “small business”...more

Paycheck Protection Program Flexibility Act Modifies Paycheck Protection Program

On May 28, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the “Act”) was passed by the U.S. House of Representatives. On June 3, 2020, the Act was passed by unanimous consent by the Senate. The Act now awaits...more

UPDATE -- SBA Adds Guidance Regarding Necessity Certification Under the Paycheck Protection Program

On April 23, 2020, the Small Business Administration (“SBA”) issued additional guidance regarding whether businesses owned by large companies qualify for a Paycheck Protection Program (“PPP”) loan under Section 1102 of the...more

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