Congress has passed the long-awaited bipartisan stimulus package on December 21, 2020 which is expected to be signed by the President. Included in this package are significant changes to the existing Paycheck Protection...more
On October 2, 2020, the SBA provided notice to PPP lenders regarding the process by which PPP borrowers may undertake a “change of ownership” while a loan is outstanding. Previously there was little guidance provided to...more
On June 16, 2020, the SBA released a revised form of Loan Forgiveness Application, which incorporates the changes provided in the PPP Flexibility Act that we previously discussed, as well as a new “EZ” form intended to...more
On May 15, the SBA released its standard application that borrowers must complete to receive partial or full forgiveness for loans issued pursuant to the Paycheck Protection Program (PPP). Consequently, we have substantially...more
On May 13, the SBA published FAQ #46 in its continuing list of frequently asked questions, regarding the review of borrower’s good faith certification of the necessity of their loan request. Notably, the SBA announced that...more
5/14/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
U.S. Treasury
With the spate of high-profile companies receiving public backlash after obtaining loan proceeds from the Paycheck Protection Program (PPP), on April 23 the SBA added item #31 (followed by item #37 on April 28) to its...more
Despite assertions from Congressional leaders on both sides of the aisle that the affiliation rules would be waived for applicants with outside minority investors, additional SBA guidance only provided relief for faith-based...more
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. The loan amounts will be forgiven in its entirety as long as:...more