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
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
In an important update to our article on the PPP program and the federal Freedom of Information Act (FOIA), a federal judge ruled yesterday (November 5, 2020) that the SBA must release detailed information for all PPP loan...more
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
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
Although the primary focus of this Client Alert is to summarize the key takeaways from the Enhancement Act (which as of April 23, 2020, at noon, awaits House and presidential approval), at the outset we would like to note...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
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
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