RECENT DEVELOPMENTS -
October, 2, 2020: On Friday, October 2, the SBA issued a procedural notice regarding PPP Loans and Changes of Ownership. The Notice provides some level of clarity for SBA Employees and PPP lenders as...more
Keep your business in the know during the COVID-19 outbreak.
With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this...more
While many who have accepted PPP loans now consider the forgiveness aspects and process, be mindful of federal enforcement. To date, the Justice Department has filed 36 PPP fraud cases, charging about 51 defendants....more
8/25/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Criminal Investigations ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Enforcement Actions ,
False Statements ,
FBI ,
Fraud ,
IRS ,
Paycheck Protection Program (PPP) ,
SBA
With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this challenging time. ...more
With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this challenging time. We will update this site regularly as new...more
The SBA will begin accepting PPP forgiveness applications from lenders on August 10, subject to extension if any new legislative amendments to the forgiveness process are adopted....more
A new bill is now pending in the Senate which enhances lender protections and facilitates forgiveness for those PPP borrowers receiving PPP loans of less than $150,000. Proponents of the legislation have explained that the...more
RECENT DEVELOPMENTS -
July 20, 2020: A new bill is now pending in the Senate which enhances lender protections and facilitates forgiveness for those PPP borrowers receiving PPP loans of less than $150,000. Proponents of...more
The U.S. Small Business Administration (“SBA”) has just issued a new interim final rule that addresses a number of issues related to the Paycheck Protection Program (“PPP”) created by the Coronavirus Aid, Relief, and Economic...more
On June 16, 2020, the Small Business Administration (“SBA”) released a revised loan forgiveness application for the Paycheck Protection Program (“PPP”), reflecting changes to the PPP made by the Paycheck Protection...more
On June 10, 2020, the Small Business Administration (“SBA”) released Business Loan Program Temporary Changes; Paycheck Protection Program – Revisions to First Interim Final Rule....more
6/17/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Relief Measures ,
SBA ,
SBA Lending Programs
Significantly, the statement confirms that partial forgiveness will remain available even if a borrower does not spend at least 60% of its forgiveness amount on payroll costs. ...more
6/9/2020
/ 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
Earlier today, voting by proxy, the House voted 417-1 to approve legislation known as the Paycheck Protection Program Flexibility Act, giving small business owners greater flexibility to spend their PPP loan proceeds and...more
While much of the rules duplicate what is found in the PPP loan forgiveness application and instructions, there are some significant new items of guidance. The first of these Interim Final Rules addresses the requirements and...more
The Small Business Administration (“SBA”) has released the much-anticipated application and instructions for how Paycheck Protection Program (“PPP”) borrowers can seek loan forgiveness. A link to the application and...more
The first PPP loans now near the end of their eligible 8 week period: significant questions persist and pressure is mounting on the SBA and Treasury to implement program revisions. ...more
CARES Act: Paycheck Protection Program Loans -
In guidance issued in late April, after many Paycheck Protection Program (“PPP”) loans had already been funded and the proceeds were being spent, the SBA said borrowers needed...more
5/14/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Eligibility ,
Good Faith ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
Small Business Loans ,
Time Extensions
SBA Extends Certification Safe Harbor Repayment Date By One Week -
On May 5, 2020, the Small Business Administration (“SBA”) newly issued limited guidance on the Paycheck Protection Program (“PPP”) extending the safe...more
What happens to Paycheck Protection Program (“PPP’) forgiveness amounts if the borrower lays off an employee and then offers to rehire the employee, but the employee declines the offer?...more
Prompted by the public clamor surrounding the participation of large, publicly traded and deeply capitalized companies in the Paycheck Protection Program (“PPP”), on April 23, 2020, the Small Business Administration (“SBA”)...more
4/30/2020
/ Audits ,
Business Necessity ,
Eligibility ,
Federal Loans ,
Good Faith ,
Liquidity ,
New Guidance ,
Privately Held Corporations ,
Returned Funds ,
Safe Harbors ,
SBA ,
Time Extensions
Disbursement of PPP Loan Proceeds -
Questions persist regarding how loans under the Paycheck Protection Program (“PPP”) are to be funded by lenders. Specifically, some Borrowers have sought multiple draws hoping to achieve...more
Following criticism that large restaurant chains were able to obtain funds before the loan program had been depleted - seemingly shutting out much smaller restaurants - Shake Shack has publicly announced that it is returning...more
4/23/2020
/ Borrowers ,
Certifications ,
Eligibility ,
Franchises ,
Good Faith ,
Midsize and Large Business Loans ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Publicly-Traded Companies ,
Restaurant Industry ,
Returned Funds ,
Safe Harbors ,
SBA
SBA issues interim final rule -
Confronted with loud dissension from the lending community on the eve of the program’s launch, including an email notice from the largest U.S. bank, JP Morgan Chase to its customers on April...more
With information concerning the Coronavirus (COVID-19) rapidly evolving, DRM is committed to providing you relevant and timely guidance on how to navigate this challenging time....more
4/3/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Federal Loans ,
Filing Deadlines ,
Financial Stimulus ,
Intellectual Property Protection ,
Operators of Essential Services ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Shelter-In-Place ,
Sick Pay ,
Small Business ,
USPTO