On January 19, SBA issued an interim final rule governing forgiveness of Paycheck Protection Program loans and also issued new versions of the three forgiveness application forms, including a streamlined form for loans up to...more
As described in our previous Alert, the appropriations act signed on December 27, 2020, revived the original Paycheck Protection Program, with some changes (now referred to as a “first draw” loan) and created a new “second...more
On July 23, the Small Business Administration issued a procedural notice to lenders participating in the Paycheck Protection Program concerning PPP loan forgiveness, to announce that SBA will begin accepting forgiveness...more
We want to make readers aware of two significant recent developments relating to the Paycheck Protection Program (PPP). Additional information on the program and its rules relating to eligibility, need for funding, loan...more
The Paycheck Protection Program Flexibility Act (Flexibility Act), which became effective June 5, significantly changed key elements of the Paycheck Protection Program (PPP), as discussed in Cozen O’Connor’s Alerts posted on...more
6/20/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
Required Forms ,
SBA ,
Small Business ,
Small Business Loans
The Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which became law on June 5, made significant changes in the Paycheck Protection Program (PPP)....more
The Paycheck Protection Program Flexibility Act of 2020 (the Flexibility Act) was signed into law Friday. The Flexibility Act makes significant changes in the Paycheck Protection Program (PPP) originally adopted as part of...more
On May 22, the SBA issued two new rules that provide some additional insight into Paycheck Protection Program (PPP) loan forgiveness and for the first time explain the process for lenders and the SBA to review PPP loans and...more
The SBA has published its long-awaited guidance on forgiveness of Paycheck Protection Program (PPP) loans — SBA Form 3508, the Loan Forgiveness Application....more