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
As we have reported, the stimulus bill passed by Congress and signed by President Trump late last year enacted major changes to the popular Paycheck Protection Program (PPP). And this week, consistent with that law’s 10-day...more
1/11/2021
/ Audits ,
Business Expenses ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Loan Forgiveness ,
NAICS ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Property Damage ,
Relief Measures ,
SBA ,
Tax Benefits ,
Worker Protection Standard
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
The Small Business Administration (SBA) recently issued a Procedural Notice (the Notice) containing details about the required procedure that Paycheck Protection Program borrowers (PPP borrowers) must follow when engaging in...more
10/7/2020
/ Borrowers ,
Change of Ownership ,
Common Stock ,
Escrow Accounts ,
Fair Market Value ,
Loan Forgiveness ,
New Guidance ,
Ownership Interest ,
Paycheck Protection Program (PPP) ,
SBA ,
Stock Transfer
In yet another interim final rule released yesterday, the Small Business Administration (SBA) loosened limitations for calculating forgiveness for compensation of certain “owner-employees,” but limited “non-payroll” costs...more
Late on August 11, the Small Business Administration (SBA) and the Treasury Department published new, limited guidance on Paycheck Protection Program loan forgiveness: PPP FAQ updates and PPP loan forgiveness FAQ updates. The...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
The Small Business Administration (SBA) and the Treasury Department have issued additional regulations implementing the Paycheck Protection Program Flexibility Act. Most of the adjustments are merely “clean up” changes to...more
The Small Business Administration (SBA) and Treasury Department have issued a new interim final rule, as well as a revised Paycheck Protection Program (PPP) loan forgiveness application and instructions, and an “EZ” loan...more
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
Late Friday night, the Small Business Administration (SBA) released its first phase of long-awaited guidance to assist borrowers and lenders with calculating and applying for the forgiveness of loans issued by the SBA under...more
On May 13, 2020, the Treasury Department issued an interim final rule that provides guidance on increases to certain Paycheck Protection Program (PPP) loans issued by the Small Business Administration (SBA) to partnerships...more
On May 13, 2020, the Treasury Department issued much-needed guidance for borrowers still considering whether they should return loan funds received under the Paycheck Protection Program (PPP). In recent FAQs, the Department...more
Last week, the Federal Reserve updated the terms of its Main Street Lending Program (MSLP) with its first set of guidance to expand the scope of available loan options and the pool of eligible borrowers. You can find our...more
On April 30, 2020, the Federal Reserve announced changes to its Main Street Lending Program that will expand the loan options available to businesses and increase the maximum size of the companies that are eligible for...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 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