Between May 20 and May 22, SBA announced three new Interim Final Rules and the U.S. Department of Justice (DOJ) announced three new fraud prosecutions stemming from PPP loans. Those prosecutions reflect that the DOJ does not...more
5/26/2020
/ Borrowers ,
CARES Act ,
Certifications ,
Coronavirus/COVID-19 ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Fraud ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Recordkeeping Requirements ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Statute of Limitations
Congratulations–you have successfully received an SBA PPP loan! While you are likely thinking that the hard work is over, you are, unfortunately, wrong. The responsibilities of a PPP loan recipient extend beyond the four...more
5/18/2020
/ Best Practices ,
CARES Act ,
Coronavirus/COVID-19 ,
Crisis Management ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Recordkeeping Requirements ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
With one day to spare before the May 14 “Limited Safe Harbor” expires, the SBA released FAQ #46 (May 13) to explain the process of how the SBA will review Paycheck Protection Program (PPP) loans. The new FAQ, unfortunately,...more
5/14/2020
/ Compliance ,
Coronavirus/COVID-19 ,
Enforcement Guidance ,
Good Faith ,
Interim Final Rules (IFR) ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Small Business ,
Small Business Loans
The Paycheck Protection Program (PPP) has now seen three days of frenzy over application uncertainties, eligibility questions, and employee count/loan amount calculations. One item not mentioned, but worth discussing, is the...more