The Small Business Administration ("SBA") has announced, via the Paycheck Protection Program FAQs, that it has discontinued use of the Loan Necessity Questionnaire, citing delays caused by loan necessity reviews. These do not...more
New Jersey wait no longer – recreational use of cannabis is finally here! Earlier today, Governor Murphy signed the enabling legislation for adult recreational use into law. What does this mean?...more
On January 6, 2021, the Small Business Association ("SBA") and the Treasury Department released interim final rules for the Paycheck Protection Program (“PPP”) Second Draw Program, which was created as part of the stimulus...more
1/12/2021
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Federal Loans ,
Financial Stimulus ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Exempt Entities
Late Monday evening, Congress passed a $900 billion stimulus bill that, among other things, includes some continuation of relief (albeit on a modified basis) for individuals and businesses impacted by the coronavirus...more
The SBA, in consultation with the Treasury, released a new interim final rule, to simplify loan forgiveness for certain borrowers of Paycheck Protection Program (“PPP”) loans. Specifically, the SBA has issued a rule that...more
The SBA, in consultation with the Treasury, released another set of interim final rules, dated August 27, 2020 regarding forgivable costs under the Paycheck Protection Program.
In these rules, the SBA discusses...more
The Small Business Administration (in consultation with the Department of the Treasury) has issued a separate set of FAQs to deal with the forgiveness component of the Paycheck Protection Program.
The FAQs provides some...more
On June 22, 2020, the SBA issued another set of interim final rules to conform earlier issued rules with the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). Specifically, these rules revise the...more
The SBA has released a revised version of the previously issued Paycheck Protection Program Loan Forgiveness Application, updated to reflect changes effected by the Paycheck Protection Program Flexibility Act of 2020 (the...more
Please note that another set of interim final rules has been released, amending the first interim rules, for the Paycheck Protection Program, to reflect modifications effected by the Paycheck Protection Program Flexibility...more
The SBA released two new interim final rules informing recipients and lenders of Paycheck Protection Program (“PPP”) loans the components of a borrower’s application that the SBA intends to review and memorializing some of...more
The Treasury Department and the U.S. Small Business Administration (SBA) have released the Paycheck Protection Program Loan Forgiveness Application, which sheds further light into how borrowers may seek, and obtain,...more
The Treasury Department has released an update of the Program FAQs for the Paycheck Protection Program, addressing Question 31, which had imposed a heightened, but uncertain, standard of need on borrowers, suggesting many may...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
Announcement – The Treasury Department updated its FAQS regarding the economic uncertainty and need certification to be made by PPP applicants/borrowers, requiring that borrowers take into account their current business...more
The U.S. Chamber of Commerce Foundation has announced that it, through its Save Small Business Fund, will make $5,000 grants to small employers, with between 3 to 20 employees. Such small employers must be located in an...more
The Interim Final Rule (the “Rule”) pertaining to applications for the Paycheck Protection Program was released this evening. A few unexpected positions have been taken (and some ambiguity/uncertainty still remains)...more
The COVID-19 global health pandemic is proving to have long-reaching economic effects. The New Jersey Economic Development Authority has introduced a multitude of programs to provide aid to New Jersey businesses....more
The anxiously awaited CARES Act was approved by Congress and signed by the President on Friday March 27. The Act is a complicated 854 pages long, with many ambiguities and gaps which will need clarification in the coming days...more
The worldwide spread of COVID-19 has presented real-world complications to people and businesses with ongoing obligations that are becoming increasingly difficult to meet in the face of quarantines, travel restrictions and...more