After months of deadlock, a $900 billion stimulus package promises direct payments, unemployment benefits and small business aid.
On December 27, President Trump signed into law a $900 billion COVID relief package and a...more
1/4/2021
/ CARES Act ,
Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Economic Impact Payments ,
Economic Injury Disaster Loans ,
Economic Stimulus ,
Employee Retention ,
Eviction ,
Fraud ,
Moratorium ,
Pandemic Unemployment Assistance (PUA) ,
Pandemic Unemployment Emergency Compensation (PUEC) ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SNAP Program ,
Tax Credits ,
Unemployment Benefits ,
Vaccinations
The SBA has continued its wave of regulations and guidance as PPP borrowers begin to apply for loan forgiveness.
New regulations address nuanced, but important, issues such as “owner-employee” compensation and the...more
8/28/2020
/ C-Corporation ,
CARES Act ,
Full-Time Employees ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
New Guidance ,
New Regulations ,
Owner-Employee Compensation ,
Paycheck Protection Program (PPP) ,
Pending Legislation ,
S-Corporation ,
SBA ,
Small Business
Considerations for PPP borrowers as they apply for loan forgiveness -
As the Paycheck Protection Program (PPP) enters its forgiveness phase—where many borrowers have exhausted or are about to exhaust their loans and will...more
Democrats and Republicans launch negotiations, each envisioning a broad-scale extension of previous efforts to stem the economic damage from COVID-19.
Senate Republicans and House Democrats have both put forth proposals...more
8/3/2020
/ Affordable Care Act ,
CARES Act ,
Child Tax Credit ,
Coronavirus/COVID-19 ,
Earned Income Credit ,
Economic Impact Payments ,
Employee Retention ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Pandemic Unemployment Compensation (FPUC) ,
Financial Stimulus ,
Medicaid ,
Pandemic Emergency Unemployment Compensation (PEUC) ,
Pandemic Unemployment Assistance (PUA) ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SNAP Program ,
Supply Chain
The update generally provides further clarifications to existing guidance, but one change regarding the Expanded Loan Facility could enable eligible borrowers to access additional funding that was previously unavailable to...more
7/21/2020
/ Borrowers ,
Collateralized Debt Obligations ,
Collateralized Loan Obligations ,
EBITDA ,
Lenders ,
Libor ,
Main Street Expanded Loan Facility ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Main Street Priority Loan Facility ,
New Guidance ,
Paycheck Protection Program (PPP) ,
SBA
On Monday, July 6, the U.S. Small Business Administration (SBA) publicly disclosed the names and addresses of Paycheck Protection Program (PPP) borrowers that received loans of at least $150,000 each.
SBA has published a...more
On June 8, the Federal Reserve released updated guidance for the Main Street Lending Program.
Pillsbury’s Public Policy and Finance teams provide a synopsis of the often-updated program’s eligibility requirements and loan...more
The new Interim Final Rule amends SBA’s existing regulations to account for the provisions of the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), signed into law on June 5, 2020.
Importantly, the...more
New law modifies the Paycheck Protection Program.
The President has signed into law the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which proposes to extend the period borrowers must spend the...more
The President has signed into law the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which proposes to extend the period borrowers must spend the forgivable Paycheck Protection Program (PPP) loans...more
The House has introduced bipartisan legislation to modify the Paycheck Protection Program.
The House recently passed the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which proposes to extend the...more
Companies that may want to borrow under the Main Street Lending Program should take note of additional guidance recently issued by the Federal Reserve Bank of Boston.
The Federal Reserve Bank of Boston has issued further...more
6/2/2020
/ Borrowers ,
Certifications ,
Federal Reserve ,
Main Street Expanded Loan Facility ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Main Street Priority Loan Facility ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
Small Business Loans
On May 22, 2020, the Small Business Administration (SBA) issued its interim final rule on loan forgiveness. The rule describes, in a question-and-answer format, the mechanics of applying for and receiving loan forgiveness...more
On May 15, 2020, the Small Business Administration (SBA) published the application form that Paycheck Protection Program (PPP) borrowers will submit to their banks when they apply for forgiveness of their PPP loans. The...more
5/19/2020
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
FTEs ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
U.S. Treasury
On May 13, 2020, one day before the expiration of the relevant “safe harbor” deadline, the Small Business Administration (SBA) issued new guidance to borrowers who have been considering whether to return their CARES Act...more
As confirmation hearings are held for Special Inspector General for Pandemic Recovery, the DOJ announces its first major indictments for violations of the CARES Act.
DOJ and Leaders in Congress are turning to aggressive...more
On May 5, 2020, the Small Business Administration (SBA) and the Treasury Department extended by one week the “safe harbor” for CARES Act Paycheck Protection Program (PPP) applicants to return their loans in the event that the...more
Under retroactive guidance issued by SBA and the Treasury Department on April 23, 2020, CARES Act Paycheck Protection Program (PPP) applicants must consider their access to alternative sources of liquidity before certifying...more
4/28/2020
/ Borrowers ,
CARES Act ,
Certification Requirements ,
Federal Register ,
Good Faith ,
Interim Final Rules (IFR) ,
Liquidity ,
New Guidance ,
Paycheck Protection Program (PPP) ,
SAFE ,
SBA ,
U.S. Treasury
Latest stimulus reopens SBA emergency loan programs.
Latest stimulus bill provides over $300 billion in additional funds for the SBA’s Paycheck Protection Program and Emergency Injury Disaster Loans, allowing the program...more
With $454 billion about to be distributed, interested companies need to be prepared.
The Treasury Department is nearly ready to begin granting loans and other support to mid- to large -sized companies, municipalities and...more
4/8/2020
/ Banks ,
Business Closures ,
Business Interruption ,
CARES Act ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Financial Stimulus ,
Healthcare ,
Lenders ,
Lending ,
Liquidity ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief ,
Unemployment Insurance