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The Economic Aid Act And A Second Round Of PPP Loans

The Consolidated Appropriations Act of 2021, which became law on December 27, 2021, includes a second round of stimulus funding in the form of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act(the...more

SBA Issues Additional Guidance On PPP Loans And Change Of Ownership

We have received questions from a number of clients about whether SBA’s consent is required for a change of control involving a Paycheck Protection Program borrower. On October 2, SBA provided additional guidance that...more

Financial Services Report, Summer 2020

Is it just us or does March 4 — the date of our last issue — feel like a million years ago? Like you, and not necessarily in this order, we have been: doing our work; keeping up with COVID-19-related laws, guidance, and...more

SBA’s Implementation Of The Paycheck Protection Program Flexibility Act In Wave Of New Rules And Application Forms

As we previously reported, the Paycheck Protection Program Flexibility Act (“PPP Flexibility Act”) became law earlier this month, introducing numerous changes to the Paycheck Protection Program (PPP). The PPP, which is part...more

Congress Passes PPP Revisions And Advocates For Public Disclosure Of Recipients

In the wake of the massive economic disruption caused by the Coronavirus outbreak, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020. The Payroll Protection Program...more

SBA Issues New Rules On PPP Loan Forgiveness And Loan Review Procedures

Since the inception of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) nearly eight weeks ago, the Small Business Administration (SBA) has issued loans under the Paycheck Protection Program (PPP) that...more

PPP Loan Forgiveness Application Is Finally Here

During these uncertain economic times, the Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP) have been a critical lifeline for many small businesses trying to weather the COVID-19 pandemic....more

Are Foreign Employees Included In Calculating Size For PPP’s 500-Employee Size Standard? New Guidance Makes The Answer...

Updated May 18, 2020- As many companies are likely aware by now, Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP) provide aid to qualifying small businesses in the form of loans with...more

M&A Considerations Regarding CARES Act Loan Programs And Other Relief

In recent weeks Congress has authorized funding for a number of programs intended to provide relief to small- and medium-sized businesses and certain particularly hard-hit industry sectors, as well as to American businesses...more

Is My Company’s PPP Loan “Necessary To Support Ongoing Operations?” What If I’m Wrong?

This post has been updated on May 6, 2020 with new safe harbor deadline for repayment of PPP loans. Given the proliferation of adverse news articles and TV pundit segments about well-funded companies that have received...more

The SBA Imposes A $20M Limit On PPP Loans For Corporate Groups

On April 30, 2020, the U.S. Small Business Administration (SBA) issued a sixth interim final rule on the SBA’s Paycheck Protection Program (PPP), one of the relief programs available under the Coronavirus Aid, Relief, and...more

CARES SBA Loan Eligibility And Process-UPDATED May,5 2020

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) allows certain eligible companies and individuals to obtain loans of up to $10 million or 2.5 times the average monthly payroll costs over the last...more

My Company’s PPP Loan “Necessary To Support Ongoing Operations?” What If I’m Wrong?

Given the proliferation of adverse news articles and TV pundit segments about well-funded companies that have received federal, Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP), it is...more

House Passes A $484 Billion Relief Package; Treasury And The SBA Release New Guidelines For PPP Loans

On Thursday, April 23, 2020, the U.S. House of Representatives voted in favor of the $484 billion relief package that passed in the Senate earlier this week. Once signed into law, the legislation will revive the Small...more

Congress, DOD Encourage Use Of Other Transaction Authority In Response To COVID-19

Department of Defense (“DoD”) acquisition chief Ellen Lord earlier this week issued a memorandum reducing internal approvals required to issue other transactions (“OTs”) for prototype projects related to the national...more

Newly Issued Interim Rules Update Paycheck Protection Program Loan Eligibility Considerations

Late Friday evening, the Small Business Administration (SBA) issued an Interim Final Rule on affiliation, which was posted to the U.S. Treasury Department’s Paycheck Protection Program (PPP) loan website. This interim final...more

Treasury Department Issues Guidance (And Application) For Paycheck Protection Program Loans

On Tuesday afternoon, the Treasury Department released its guidance concerning the Paycheck Protection Program (PPP), which was authorized by Congress under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. ...more

CARES SBA Loan Eligibility And Process

The Coronavirus Aid, Relief, and Economic Security Act (“CARES” or “the Act”) allows certain eligible companies and individuals to obtain loans of up to $10 million or 2.5 times the average monthly payroll costs over the last...more

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