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
Certain provisions of the coronavirus economic stimulus legislation are subject to the ongoing issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified,...more
6/8/2020
/ Borrowers ,
Breach of Contract ,
CARES Act ,
Collateral ,
Coronavirus/COVID-19 ,
Eligibility ,
Enforcement Actions ,
Federal Reserve ,
Lenders ,
Main Street Lending Programs ,
New Guidance ,
Private Equity Funds ,
SBA ,
SBA Lending Programs ,
Secured Debt ,
Unsecured Debt
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
There’s been confusion about the rules governing eligibility for SBA Section 7(a) loans, which we’ve elsewhere written about.1 That confusion focused on whether to conduct “affiliation” analysis under Section in Title 13 CFR...more
On April 6, the Small Business Administration (SBA) issued further guidance answering frequently asked questions (FAQs) from both borrowers and lenders regarding the implementation of the Paycheck Protection Program (PPP),...more