March 26, 2021 By: Elizabeth L. Lehmann and Jeffrey B. Scheer The PPP Extension Act of 2021 (the PPP Extension Act) passed the Senate yesterday with overwhelming bipartisan support (92-7). The PPP Extension Act now awaits...more
Update: The SBA has announced that it will start accepting applications for the Shuttered Venue Operators Grant (SVOG) on Thursday, April 8, 2021. Additionally, the American Rescue Plan Act of 2021 modified the SVOG program...more
Since President Biden has taken office, eligibility to obtain a First and Second Draw Paycheck Protection Program (PPP) has been expanded. As such, the Small Business Association (SBA) recently updated First and Second Draw...more
The Biden-Harris administration announced on Feb. 22, 2021 several changes to the Paycheck Protection Program (PPP), including a focus on small minority-owned businesses. This first formal statement sets the tone of the new...more
The Small Business Association (SBA) issued guidance on Jan. 27, 2021 regarding the Shuttered Venue Operators Grant (SVOG), a grant program for struggling live, in-person industries, that was established in the recent...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
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 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
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 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 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
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
Small businesses that applied for loans and advances under the Economic Injury Disaster Loan (EIDL), originally reported in our March 30 memo, which includes a $10,000 advance that does not have to be repaid, have been...more
April 1, 2020 By: Elizabeth L. Lehmann, Kate Chmielowiec, and Jeffrey B. Scheer The Department of Treasury has announced that eligible small businesses will be able to apply to the CARES Act Paycheck Protection Program (PPP)...more
Small businesses face unprecedented and unique financial difficulties in wake of the COVID-19 pandemic. This Information Memo provides a comprehensive summary of three main relief programs that may be available to small...more
The COVID-19 crisis has hit small businesses particularly hard, with emergency measures including the shutdown of on-site operations, loss of income and mounting expenses. In addition to the efforts of the U.S. Small Business...more
Earlier today, the House of Representatives passed and President Trump signed the Coronavirus Aid, Relief and Economic Security Act or the CARES Act (the Act). The Act provides certain relief for businesses and individuals...more
In the wake of the coronavirus pandemic, the U.S. Small Business Association (SBA) announced that it will provide economic injury disaster loans for coronavirus related economic disruptions. Eligible entities may qualify for...more