The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more
8/3/2021
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Independent Contractors ,
IRS ,
Loan Forgiveness ,
NAICS ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
SBA ,
Self Employed ,
Small Business ,
Tax Deductions
The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more
6/8/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Borrowers ,
Business Expenses ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Economic Injury Disaster Loans ,
Independent Contractors ,
Interim Final Rules (IFR) ,
IRS ,
Loan Forgiveness ,
NAICS ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Property Damage ,
Restaurant Industry ,
SBA ,
Small Business ,
U.S. Treasury ,
Vandalism
On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more
5/19/2021
/ American Rescue Plan Act of 2021 ,
Business Expenses ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
For-Profit Corporations ,
Good Faith ,
Independent Contractors ,
Loan Forgiveness ,
NAICS ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Popular ,
Property Damage ,
SBA ,
Small Business ,
Sole Proprietorship ,
Tax Deductions
On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more
4/1/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Borrowers ,
Business Expenses ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Entertainment Venues ,
Financial Stimulus ,
Independent Contractors ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
NAICS ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Public Venues ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Self Employed ,
Small Business ,
Tax Credits ,
Tax Deductions ,
Tax Returns ,
Trump Administration ,
U.S. Treasury
On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more
3/19/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Business Expenses ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Economic Injury Disaster Loans ,
Federal Loans ,
Final Rules ,
For-Profit Corporations ,
Independent Contractors ,
Interest Rates ,
IRS ,
Layoffs ,
Loan Forgiveness ,
NAICS ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Property Damage ,
Restaurant Industry ,
SBA ,
Self Employed ,
Tax Deductions ,
U.S. Treasury ,
Unemployment Benefits
On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more
3/9/2021
/ Biden Administration ,
Business Expenses ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Economic Injury Disaster Loans ,
Fraud ,
Independent Contractors ,
Loan Forgiveness ,
NAICS ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
SBA ,
U.S. Treasury
On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more
2/15/2021
/ Business Expenses ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
SBA ,
Small Business ,
U.S. Treasury
On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits...more
1/25/2021
/ Borrowers ,
Business Expenses ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
SBA ,
Small Business ,
U.S. Treasury
On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits...more
1/18/2021
/ Borrowers ,
Business Expenses ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
SBA ,
Small Business ,
Tax Deductions ,
U.S. Treasury
Introduction
•The First Draw Consolidated IFR also applies to loan forgiveness applications submitted under the Paycheck Protection Program before enactment of the Economic Aid Act where SBA has not remitted the...more
I. Introduction-
On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) into law to provide continued assistance to individuals and...more
The Paycheck Protection Program closed on August 8. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained PPP...more
11/17/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Independent Contractors ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Expenses ,
Popular ,
SBA ,
SBA Lending Programs ,
Small Business
On June 5, 2020, certain key provisions of the CARES ACT regarding the Paycheck Protection Program (PPP) were amended by passage of that certain Paycheck Protection Program Flexibility Act of 2020, as supplemented by those...more
6/23/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Final Rules ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Expenses ,
Relief Measures ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Deferral ,
Time Extensions
We have been sharing client alerts about the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) created by the CARES Act. Below are some frequently asked questions and answers with respect to the PPP...more
6/17/2020
/ Affiliated-Business Arrangements ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
Federal Loans ,
Financial Stimulus ,
Independent Contractors ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Expenses ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations, government guidance and other government action; thus, certain details regarding the...more
This article is not intended to give, and should not be relied upon for, legal advice in any particular circumstance or fact situation. Use of this article does not create an attorney-client relationship between you and...more
5/28/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
Federal Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
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
Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified...more
Background: On March 27, 2020, the U.S. House of Representatives passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the CARES Act), which the President subsequently signed it into law. The CARES Act...more
One of the critical components of the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”) is a new type of US Small Business Administration (SBA) loan program known as the Paycheck Protection Program...more