On January 6, 2021, the SBA issued more detailed guidance on the implementation of Paycheck Protection Program (PPP) round 2. The biggest upshot from the SBA’s releases are that except for a limited set of changes (which are...more
Although not yet signed into law by President Trump, the house and senate have passed a second stimulus bill that provides for a second round of PPP loans up to an aggregate amount of $284 billion. The second round of PPP...more
The IRS has previously released guidance saying that expenses paid with Paycheck Protection Program (PPP) proceeds which would otherwise be deductible will not be permitted to be deducted. There was much hope in the business...more
As you may remember from a previous bulletin, the SBA has stated that it will audit all PPP borrowers, who together with a borrower’s “Affiliates” (as determined pursuant to SBA regulations), received PPP loans in excess of...more
On October 2, 2020, the SBA released a guidance relating to whether the SBA will be required to consent to a “change in ownership” of a business. A “change in ownership” is deemed to be any of the following...more
The Senate passed the previously approved House version of the Paycheck Protection Flexibility Act. The bill is awaiting President Trump’s signature in order to officially become a law....more
On April 30, 2020, the Federal Reserve announced changes to the Main Street Lending Program in response to public comment. The program supports small and mid-sized businesses through the COVID-19 pandemic by creating a...more
The Main Street Lending Program is being implemented by the Federal Reserve using two different credit facilities, the Main Street New Loan Facility (the “New Facility”) and the Main Street Expanded Loan Facility (the...more
The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the...more
In true government fashion, on April 2, the Small Business Administration (SBA) released updated guidance for CARES Act Loans. Below is a bullet point summary of the relevant changes...more
The CARES Act authorizes the Small Business Administration (“SBA”) to fully guarantee an additional $349 Billion in Section 7(a) loans to small businesses affected by COVID-19.
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