On July 29, 2021, the Department of the Treasury published updates to its Paycheck Protection Program FAQs. The updates come in response to the Small Business Administration’s (SBA) decision to discontinue the use of its Loan...more
8/2/2021
/ CARES Act ,
Certifications ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
SBA ,
SBA Lending Programs ,
Small Business
Last night (Dec. 21, 2020), the U.S. House of Representatives and then the U.S. Senate passed a long-debated $900 billion stimulus package as part of broader overall government funding legislation. The bill now goes to the...more
The U.S. Small Business Administration (SBA) issued guidance on the recently issued “Loan Necessity Questionnaire” (SBA Form 3509/3510). Lenders must require Paycheck Protection Program (PPP) borrowers to complete the...more
12/14/2020
/ Audits ,
CARES Act ,
Eligibility Determination ,
Fraud and Abuse ,
Good Faith ,
Liquidity ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
SBA
The Internal Revenue Service (IRS) previously announced that Paycheck Protection Program (PPP) loan borrowers who receive forgiveness may not take a deduction for the expenses paid with PPP loan proceeds—including wages,...more
This afternoon, the Small Business Administration (SBA) and the Treasury Department published a set of frequently asked questions concerning forgiveness of loans under the Paycheck Protection Program (PPP). The new FAQs...more
8/5/2020
/ Borrowers ,
C-Corporation ,
CARES Act ,
Independent Contractors ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
S-Corporation ,
SBA ,
Self Employed ,
Sole Proprietorship ,
U.S. Treasury
Late on June 10, 2020, the Small Business Administration (SBA) and Treasury Department issued the 17th “interim final rule,” providing the initial regulations to implement the Paycheck Protection Program Flexibility Act...more
6/11/2020
/ Borrowers ,
CARES Act ,
Certifications ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Popular ,
SBA ,
Small Business ,
Small Business Loans ,
U.S. Treasury
The Senate has now passed the Paycheck Protection Program Flexibility Act of 2020 (the Flexibility Act), which passed the House on May 28. The Flexibility Act includes critically important changes to the Paycheck Protection...more
As has become a theme, late Friday night, the Small Business Administration (SBA) and the Treasury Department issued two sets of guidance relative to forgiveness of the Paycheck Protection Program (PPP) loan proceeds. In the...more
Most are aware that the $349 billion in the Paycheck Protection Program (PPP) funds that were originally appropriated were exhausted last week. Late on Tuesday, April 21, 2020, after much political wrangling and negotiations...more
Late on April 14, 2020, the Small Business Administration (SBA), responsible for administering the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, issued an Interim Final Rule...more
Certain employers may be entitled to a tax credit against employment taxes if the operation of the employer’s trade or business is fully or partially suspended during the calendar quarter due to orders of a governmental...more
The Paycheck Protection Program will enable eligible nonprofit organizations that have been adversely affected by the COVID-19 pandemic to obtain funds to cover payroll, rent, interest, and utilities. For further information...more
4/14/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
Federal Loans ,
Financial Stimulus ,
Large Employer ,
Nonprofits ,
Payroll Taxes ,
Relief Measures ,
Religious Institutions ,
SBA ,
Small Business ,
Tax Relief
Today, the Department of Health and Human Services (HHS) announced the delivery of the initial $30 billion tranche from the $100 billion provider relief fund established under the Coronavirus Aid, Relief, and Economic...more
4/14/2020
/ Accelerated Payments ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Coronavirus/COVID-19 ,
Health Care Providers ,
Hospitals ,
Medicare ,
Medicare Part A ,
Medicare Part D ,
Physician Medicare Reimbursements ,
Physicians ,
Relief Measures
In response to unprecedented health care demands and economic conditions caused by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on Friday, March 27, 2020. The Act...more
4/14/2020
/ CARES Act ,
Comment Period ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Federal Reserve ,
Financial Stimulus ,
Healthcare Provider Corporations ,
Healthcare Workers ,
Lenders ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Relief Measures ,
SBA ,
Small Business ,
Special Purpose Vehicles ,
Term Sheets ,
U.S. Treasury
The CARES Act adds $100 billion to the “Public Health and Social Services Emergency Fund” to reimburse “eligible health care providers” for “health care-related expenses or lost revenues that are attributable to Coronavirus.”...more
4/14/2020
/ Banks ,
Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Health Care Providers ,
Healthcare ,
Lenders ,
Lending ,
Liquidity ,
Medicaid ,
Medicare ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Tax Relief ,
Unemployment Insurance
The CARES Act provides $350 billion to the Paycheck Protection Program to allow the Small Business Administration (SBA) to guarantee 100% loans (with interest rates not to exceed 4%) made by local SBA preferred lenders to...more
4/14/2020
/ Affiliated-Business Arrangements ,
Affiliates ,
Board of Directors ,
Business Interruption ,
CARES Act ,
Core Funding Ratio (CFR) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Electronic Records ,
Employee Retention ,
Executive Compensation ,
Federal Loans ,
Financial Stimulus ,
Health Insurance ,
Lenders ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Shareholders ,
Shelter-In-Place ,
Small Business ,
Social Distancing ,
Stocks ,
Tax Relief
The CARES Act establishes a $500 billion loan program accessible by cities, states, and businesses, while also providing for more than $250 billion in direct funding to state and local governments. The majority of the direct...more
4/14/2020
/ Banks ,
Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Health Care Providers ,
Healthcare ,
Lenders ,
Lending ,
Liquidity ,
Medicaid ,
Medicare ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
State and Local Government ,
Tax Relief ,
Unemployment Insurance
On April 9, 2020, the Federal Reserve announced the details of the Main Street Lending Program (the Program), which is a lending program authorized by the CARES Act for purposes of supporting the economy during the COVID-19...more
4/10/2020
/ CARES Act ,
Comment Period ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Federal Reserve ,
Financial Stimulus ,
Lenders ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Relief Measures ,
SBA ,
Special Purpose Vehicles ,
Term Sheets ,
U.S. Treasury
Late on Friday, April 3, the Small Business Administration (SBA), responsible for administering the Paycheck Protection Program under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES), issued...more
Late on April 6, 2020, the Department of the Treasury and the Small Business Administration (SBA) jointly issued additional guidance in the form of FAQs addressing key points under the Paycheck Protection Program (Program)....more
4/7/2020
/ Affiliated-Business Arrangements ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
Executive Compensation ,
Federal Loans ,
Financial Stimulus ,
Health Insurance ,
Lenders ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Shareholders ,
Small Business ,
Stocks ,
Tax Relief
As many are preparing to submit applications for Small Business Administration (SBA) loans under the Paycheck Protection Program in the CARES Act (the “Program”), the SBA has released guidance in the form of an “Interim Final...more
On March 31, 2020, the Treasury Department and Small Business Administration (SBA) released guidance for prospective borrowers and lenders under the Paycheck Protection Program (the “Program”) created by the Coronavirus Aid,...more
Paycheck Protection Program Loans and Medicare Advance Payments -
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted in the wake of the COVID-19 outbreak. The Cares Act provides...more
4/1/2020
/ Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Federal Loans ,
Financial Stimulus ,
Health Care Providers ,
Lenders ,
Medicaid ,
Medicare ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Tax Relief ,
Unemployment Insurance