The U.S. Department of Treasury and the Small Business Association (SBA) announced that it will reopen the Paycheck Protection Program (PPP) loan portal to all participating PPP lenders to submit First and Second Draw loan...more
Update: Starting Monday, Jan. 11, 2021, the SBA will begin to accept First Draw PPP Loan applications only from community financial institutions. Starting Wednesday, Jan. 13, 2021, the SBA will begin to accept Second Draw...more
On Jan. 6, 2021, the Small Business Administration (SBA) issued guidance regarding the stimulus package’s Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (previously reported here), which continued the...more
Late Sunday night, Congress came to an agreement on a long-awaited second stimulus package. President Trump is expected to sign the highly anticipated $900 billion stimulus package in the coming days. Out of that total...more
The Federal Reserve announced on October 30, 2020 that the minimum loan size for three Main Street Lending Program facilities available to for-profit and nonprofit borrowers, (1) the Main Street New Loan Facility (MSNLF), (2)...more
The Small Business Association (SBA) has circulated Paycheck Protection Program (PPP) loan necessity questionnaire forms that it intends to require borrowers with PPP loans in excess of $2 million to complete. It is expected...more
As soon as guidance and executive orders are announced we’re analyzing them and communicating about what they mean to everyday operations. We use articles, blogs posts, individual counsel and have become prolific webinar...more
October 15, 2020 By: Jeffrey B. Scheer and Anna W. Richards As we previously advised, the Main Street Lending Program is fully operational and is accepting submissions of eligible loans to nonprofit organizations and...more
As previously discussed, the Paycheck Protection Program (PPP) Flexibility Act established an additional safe harbor to the loan forgiveness reductions and full-time equivalent headcounts for the PPP. A borrower’s reduction...more
The Federal Reserve Bank of Boston announced on Friday that the Main Street Lending Program is now fully operational and is accepting submissions of eligible loans to nonprofit organizations, submitted by eligible lenders....more
On August 24, 2020, the Small Business Association (SBA) issued guidance on the Paycheck Protection Program (PPP) pertaining to employee-owner compensation and nonpayroll costs eligible for loan forgiveness....more
The Main Street Lending Program (MSLP) includes facilities for for-profit businesses as well as nonprofit organizations. The Federal Reserve Board has recently announced a number of clarifications and changes to the Main...more
The Syracuse Industrial Development Agency (SIDA) announced that it will be providing both grants and loans to small businesses and 501(c)(3) nonprofit corporations negatively affected by the coronavirus pandemic. Eligible...more
The Federal Reserve announced on June 8, 2020 that its Main Street Lending Program (MSLP) has been expanded to allow more small and medium-sized businesses to be able to receive support. The MSLP was designed to facilitate...more
The U.S. Small Business Association (SBA) issued new guidance on June 22, 2020, providing further clarity to the Paycheck Protection Program (PPP) loan forgiveness process....more
In light of the passing of the Paycheck Protection Program (PPP) Flexibility Act (Flexibility Act) earlier this month, the Small Business Association (SBA) issued its highly anticipated guidance on June 17, 2020 pertaining to...more
On June 3, 2020, the Senate passed the Paycheck Protection Program (PPP) Flexibility Act of 2020 (the Flexibility Act) by unanimous consent. The Flexibility Act has received large bipartisan support and President Trump is...more
The U.S. Small Business Administration (SBA) recently issued the Paycheck Protection Program (PPP) Loan Forgiveness Application (the Application) along with an Interim Final Rule on Loan Forgiveness (the Forgiveness Final...more
The U.S. Small Business Administration (SBA) recently issued the Paycheck Protection Program (PPP) Loan Forgiveness Application (the Application). Available here, the highly anticipated Application provides important...more
The U.S. Small Business Administration (SBA) issued guidance on May 13, 2020 which authorizes lenders to increase the amount of Paycheck Protection Program (PPP) loans previously disbursed to partnerships that did not have...more
As detailed in our previous information memo available here, the U.S. Treasury Department issued guidance on April 24, 2020 providing safe harbor for borrowers that may not have satisfied the required good-faith certification...more
One of the seminal programs under the CARES Act is the forgivable Paycheck Protection Program (PPP) loan fund, which has been reported on in depth over the past month. For details on the program and its forgiveness...more
As noted in our prior memos from April 1, 2020 and April 10, 2020, the CARES Act included $100 billion for eligible health care providers, $30 billion of which has been delivered to Medicare-enrolled hospitals and providers....more
As discussed in our prior memo, the Paycheck Protection Program (PPP) loan is now available to eligible small businesses, nonprofits, veterans’ organizations, tribal concerns, eligible self-employed individuals, independent...more
The Coronavirus Economic Stabilization Act (the Stimulus Act) was established as part of the CARES Act. The Stimulus Act authorized two loan programs for large and midsize businesses: 1) the Main Street Lending Program...more