On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (“PPPFA”). The PPPFA amends the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic...more
6/12/2020
/ CARES Act ,
Federal Loans ,
Joint Statements ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Secretary of the Treasury
The U.S. Small Business Administration (SBA) recently issued an Interim Final Rule that confirms that when calculating the number of employees of an entity for purposes of determining eligibility for a PPP loan, an entity...more
As discussed in our previous client alerts, the SBA has released additional guidance on its review of the certification regarding the necessity of a PPP loan and extended the safe harbor to repay PPP loans to May 18, 2020. ...more
The SBA has released its Loan Forgiveness Application and Instructions for Borrowers, which provides the application and instructions for borrowers to calculate and submit their request to have all or a portion of their PPP...more
The U.S. Department of the Treasury recently updated their "Paycheck Protection Program Loans FAQ" with guidance extending the time frame to take advantage of the safe harbor to repay PPP loans to May 18, 2020....more
The U.S. Department of the Treasury recently updated their "Paycheck Protection Program Loans FAQ" with guidance regarding its review of a borrowers’ required good-faith certification concerning the necessity of their loan...more
The U.S. Department of the Treasury recently updated their “Paycheck Protection Program Loans FAQ” with guidance extending the time frame to take advantage of the safe harbor to repay PPP loans to May 14, 2020, and clarifying...more
The Small Business Administration (SBA) recently released additional guidance that businesses that are part of a single corporate group shall in no event receive more than $20 million of Paycheck Protection Program (PPP)...more
5/4/2020
/ Affiliated-Business Arrangements ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Franchises ,
Hospitality Industry ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
The Paycheck Protection Program (the “PPP”) under the recently-enacted CARES Act was designed to protect jobs with “forgivable” loans to small businesses. While some guidance has already been issued by the Small Business...more
The U.S. Department of the Treasury recently updated their "Paycheck Protection Program Loans FAQ" with guidance for businesses seeking PPP loans, but are owned by private companies. We have highlighted the Department's...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the most ambitious of numerous federal, state and local efforts to aid individuals and small businesses adversely affected by COVID-19. We previously...more
4/10/2020
/ Affiliated-Business Arrangements ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Employee Retention ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") is the latest of numerous federal, state and local efforts to aid individuals and small businesses adversely affected by COVID-19. This alert is intended...more