The $1.9 trillion stimulus package, known as the American Rescue Package (the “Rescue Package”), enacted on March 11, 2021, established a $28.6 billion Restaurant Revitalization Fund (“Restaurant Fund”) for restaurants and...more
4/2/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Grants ,
Financial Distress ,
Good Faith ,
Paid Sick Leave ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Relief Measures ,
Restaurant Industry ,
SBA ,
SBA Lending Programs
President Biden has announced changes to the Paycheck Protection Program 2.0 (PPP) designed to direct more funding to women-owned and minority-owned businesses as well as low- and moderate-income, rural, and other underserved...more
3/1/2021
/ Biden Administration ,
CARES Act ,
Coronavirus/COVID-19 ,
Independent Contractors ,
ITIN ,
Loan Forgiveness ,
Minority-Owned Businesses ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
SBA ,
Self Employed ,
Small Business ,
Taxable Income ,
Women-Owned Businesses
The Small Business Administration (“SBA”) is accepting comments until November 26, 2020 (Thanksgiving) on two proposed loan necessity questionnaires for Paycheck Protection Program (“PPP”) loans in excess of $2 million: SBA...more
11/16/2020
/ Assessment ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Debt Securities ,
For-Profit Corporations ,
Liquidity ,
Loan Applications ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
Safe Harbors ,
SBA ,
Supplemental Information
On June 19 and June 22, 2020, the Small Business Administration (“SBA”) issued new revisions to their First Interim Final Rule concerning the Paycheck Protection Program (“PPP”). The Revised Interim Final Rule and the...more
UPDATE: On June 5, 2020, the Paycheck Protection Program Flexibility Act (H.R. 7010) (the Flexibility Act) was signed into law, and on June 11, 2020, the Small Business Administration (SBA) released a revised interim final...more
On May 27, 2020, the U.S. House of Representatives overwhelmingly approved a bill which if enacted into law would make the Paycheck Protection Program (PPP) more helpful to small businesses, including through an expansion of...more
On May 22, 2020, the U.S. Small Business Administration (“SBA”) released two Interim Final Rules (“IFRs”) providing additional guidance on Payment Protection Program (“PPP”) loan forgiveness rules and the procedure by which...more
The SBA has provided a good faith necessity certification safe harbor for certain PPP borrowers with loans less than $2 million and also has limited PPP funds to $20 million for corporate groups...more
The federal government has committed $670 billion dollars in forgivable loans to small businesses under the Paycheck Protection Program (“PPP”), which was part of the Coronavirus Aid, Relief, and Economic Stability Act (the...more
In addition to the programs established and the powers granted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Treasury Department and Federal Reserve Board of Governors are leveraging...more
The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) expanded the existing Economic Injury Disaster Loan program (“EIDL”) by streamlining the application process and providing lower interest rates and longer...more
Relief for mid-sized businesses covered in Title IV of the CARES Act has been overshadowed by discussions of that provided for small businesses. This alert covers relief available to businesses and non-profit organizations...more