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Certification Requirements Borrowers

UB Greensfelder LLP

Economic Aid Act – PPP Loan Program Reopened and Expanded

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On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “Economic Aid Act”) became law. The economy continues to struggle from the effects of the coronavirus pandemic. This new law...more

Snell & Wilmer

New COVID-19 Relief Bill Adds PPP ‘Second Draw’ Loans and Modifications to Original PPP

Snell & Wilmer on

On December 27, the Consolidated Appropriations Act of 2021 (the “Act”) was signed into law. This Act makes available $284 billion for second draw loans under the Paycheck Protection Program (“PPP-2”) and also makes important...more

Schwabe, Williamson & Wyatt PC

PPP Loans Over $2 Million and the PPP Necessity Questionnaires - Update #2

Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked some Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans over $2 million. There are...more

Levenfeld Pearlstein, LLC

SBA Addresses Economic Necessity Certification in Draft PPP Questionnaires for Certain Borrowers

The SBA recently released draft questionnaires for Paycheck Protection Program (PPP) borrowers with loans above $2 million. The draft questionnaire addresses the economic necessity certification that has caused heartburn for...more

Parker Poe Adams & Bernstein LLP

SBA Reveals Questionnaires Aimed at Auditing Necessity of Large Paycheck Protection Program Loans

In a series of FAQs issued last spring, the Small Business Administration (SBA) made clear that it would review the certification made by Paycheck Protection Program (PPP) borrowers of $2 million or more that “[c]urrent...more

Sheppard Mullin Richter & Hampton LLP

Tips for the Unwary: Precautions Against Liability for Healthcare Businesses Receiving CARES Act Funds

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided trillions in economic relief in response to the COVID-19 pandemic, including hundreds of billions of dollars in aid for the healthcare industry....more

Womble Bond Dickinson

Main Street Lending Program Set to Launch - Additional Terms and Guidance Released

Womble Bond Dickinson on

On May 27, 2020, the Federal Reserve Board, through the Federal Reserve Bank of Boston, released additional details for lenders and borrowers interested in participating in the $600 billion Main Street Lending Program (MSLP)....more

Dechert LLP

Federal Reserve Announces First Subscription Date of June 17, 2020 for the Term Asset-Backed Securities Loan Facility, Further...

Dechert LLP on

On May 20, 2020, the Federal Reserve Board of Governors (the “Fed”) and the Federal Reserve Bank of New York (the “FRBNY”) announced the first subscription date of June 17, 2020 for funding under the Term Asset-Backed...more

Proskauer Rose LLP

Paycheck Protection Program – Where Are We Now? An Up-To-Date Guide to the Paycheck Protection Program (UPDATED)

Proskauer Rose LLP on

Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business Administration (the “SBA”) and the U.S Treasury Department (“Treasury”) have issued a...more

Spilman Thomas & Battle, PLLC

COVID-19 Update: New Critical Guidance on PPP Loan Forgiveness

On May 13, 2020, the Small Business Administration ("SBA") issued FAQ # 46 dealing with its plan to review certain PPP loans (in response to COVID-19) to determine if the “necessity” certification was made in good faith by...more

Hinshaw & Culbertson LLP

SBA Provides Additional Guidance on Review of Economic Uncertainty Certifications Made by PPP Loan Applicants

In the past few weeks, the U.S. Department of Treasury and Small Business Administration (SBA) have raised issues concerning the economic uncertainty certification made by both public and private companies in FAQs #31 and...more

BCLP

Paycheck Protection Program: Analyzing Borrower Certification Risks

BCLP on

The shifting narratives around the government’s interpretations regarding eligibility for participation in the Paycheck Protection Program (PPP) has caused many borrowers to reconsider their own applications and to consider...more

Fisher Phillips

Businesses That Obtained PPP Loans Under $2M Will Not Be Audited (UPDATED)

Fisher Phillips on

One long week after the U.S. Treasury announced that it was extending the Paycheck Protection Program Loan “safe harbor” deadline to May 14, the U.S. Treasury announced this morning that borrowers whose loan amount (combined...more

Bowditch & Dewey

New Guidance on the PPP Necessity Certification Provides Automatic Safe Harbor for Borrowers with Loan Amounts Under $2 Million

Bowditch & Dewey on

Safe Harbor Deadline to Repay Loans of $2 Million or More Extended to May 18th - On May 13, 2020, the Treasury issued important and long-awaited FAQ guidance regarding the PPP applicant certification (referred to herein...more

Goodwin

Financial Services Weekly Roundup: SBA Provides Guidance On Borrower’s Good Faith Certification

Goodwin on

In This Issue. The Small Business Administration (SBA) provided guidance on a borrower’s good faith certification on the necessity of Paycheck Protection Program (PPP) loan requests, announcing a safe harbor regarding this...more

UB Greensfelder LLP

The CARES Act Update – Safe Harbor Materially Revised

UB Greensfelder LLP on

UPDATED May 14, 2020 – On May 13, 2020, the U.S. Treasury Department announced an additional automatic extension of the Safe Harbor deadline from May 14, 2020 to May 18, 2020. May 13, 2020 – The rules and ground shifted...more

Hinshaw & Culbertson LLP

Federal Reserve Board Expands Scope and Eligibility of Main Street Lending Program

On April 30, 2020 the Federal Reserve Board (the "Board") announced an expansion of the scope and eligibility for its Main Street Lending Program. Under the three Facilities—the Main Street New Loan Facility (the "New...more

Hinshaw & Culbertson LLP

Borrowers Beware: Audits of PPP Loans in Excess of $2 Million and Economic Uncertainty Certification

PPP Loan Forgiveness is Criticized, Guidance is Forthcoming - Audits of PPP Loans in Excess of $2 Million - On April 28, 2020, U.S. Secretary of Treasury Steven Mnuchin announced that all Paycheck Protection Program...more

Rosenberg Martin Greenberg LLP

Reinforcing Compliance for the Paycheck Protection Program: What Recent Public and Political Developments Mean for Loan Recipients

Takeaway:  Recently implemented rules, public statements of government officials, and the return of funds by some should not compel most businesses to change course; however, recipients of funds from the Paycheck Protection...more

Pillsbury Winthrop Shaw Pittman LLP

SBA Imposes New PPP Certification Requirement, Provides May 7 Safe Harbor

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

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