News & Analysis as of

Certification Requirements Paycheck Protection Program (PPP)

Latham & Watkins LLP

US Government Uses Receipt of PPP Funds to Create Piggyback Liability in FCA Case

Latham & Watkins LLP on

Physician Partners of America’s settlement highlights significant risks facing False Claims Act defendants who received Paycheck Protection Program funds. An April 2022 US Department of Justice (DOJ) settlement suggests...more

Dorsey & Whitney LLP

False Claims Act Case Tracker for Paycheck Protection Program Fraud - Update

Dorsey & Whitney LLP on

In the Spring of 2020, the Small Business Association (“SBA”) began administering the Paycheck Protection Program (the “PPP” or the “Program”) to provide SBA-backed loans to help eligible businesses maintain their workforces...more

Ervin Cohen & Jessup LLP

SBA Drops Loan Necessity Questionnaire for PPP Loans

On July 29, 2021, the Small Business Administration (“SBA”) updated its guidance to address borrower and lender questions about the implementation of the Paycheck Protection Program (“PPP”). The SBA announced that it was...more

UB Greensfelder LLP

Economic Aid Act – PPP Loan Program Reopened and Expanded

UB Greensfelder LLP on

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

Pillsbury Winthrop Shaw Pittman LLP

Developments in Association Law 2019 – 2020

A review of key legal developments for nonprofit organizations at the federal and state levels in 2019 and 2020. Antitrust enforcement continues against nonprofits. Nonprofits have litigated in other areas, including...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

BCLP

PPP Loan Necessity Certifications and Fraud Investigations

BCLP on

A recent article in the Wall Street Journal highlights renewed talk in some circles about allegedly “growing evidence” of fraud among PPP participants.  We think the observation of the former federal prosecutor who is quoted...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

Ward and Smith, P.A.

Questions Raised by the PPP Loan Necessity Questionnaire

Ward and Smith, P.A. on

Under the Paycheck Protection Program ("PPP"), borrowers who received a PPP loan in excess of $2 million, whether from a single loan or the combined total of loans from the borrowers' affiliates, have known for a while that...more

BCLP

Analysis of PPP Borrowers: Who Returned Funds?

BCLP on

While a lot has been written and said about the “need” certification when it comes to the Paycheck Protection Program, particularly for public companies, the SBA and Treasury have been relatively quiet about how many...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Beltway Buzz - June 2020 #2

PPP Flexibility Act Clarification. Buzz readers likely recall that President Trump signed the Paycheck Protection Program (PPP) Flexibility Act into law last week. One of the prominent features of the legislation lowers from...more

Womble Bond Dickinson

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

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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

Proskauer Rose LLP

All Will Be Forgiven (or Not): What to Consider When Acquiring a Business with a PPP Loan

Proskauer Rose LLP on

Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, millions of businesses have applied for and received a Paycheck Protection Program (the “PPP”) loan from the...more

Moore & Van Allen PLLC

Treasury Department Again Issues New Guidance on PPP Loan “Necessary to Support Ongoing Operations” Certification

Moore & Van Allen PLLC on

On April 23, 2020, the Treasury Department issued updated guidance (“FAQ 31”) regarding a confusing aspect of the CARES Act’s popular Payroll Protection Program (“PPP”). A day later, on April 24, 2020, the Treasury...more

Holland & Knight LLP

SBA Paycheck Protection Program Loans: Forgiveness Guidance, Part II

Holland & Knight LLP on

Employers rushed to apply for the first $349 billion in Paycheck Protection Program (PPP) loans made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which Congress has increased to $670...more

Vinson & Elkins LLP

SBA Releases Application For Paycheck Protection Program Loan Forgiveness

Vinson & Elkins LLP on

On May 16, 2020, the Small Business Administration (“SBA”), in consultation with the Department of the Treasury, released the Paycheck Protection Program (“PPP”) Loan Forgiveness Application (the “Application”)...more

Hinshaw & Culbertson LLP

SBA Releases PPP Loan Forgiveness Application

On May 15, 2020 the Small Business Administration (SBA) and the U.S. Department of the Treasury released a Paycheck Protection Program (PPP) Loan Forgiveness Application. Although the 11 page document clears up some issues,...more

Woods Rogers

PPP Loan Forgiveness Application

Woods Rogers on

This Article is based on information available as of May 18, 2020.  The information is subject to change as additional guidance is provided. The SBA has now published its PPP Loan Forgiveness Application (SBA Form 3508) which...more

Tucker Arensberg, P.C.

The Small Business Administration Has Released Guidance on Several Important Payroll Protection Program Loan-Related Issues

Tucker Arensberg, P.C. on

Over the last several days, the Small Business Administration (the “SBA”) has provided some answers to questions that many borrowers have had, including: ..With the negative publicity that some borrowers have gotten, can...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

Woods Rogers

Additional guidance from the SBA on "available liquidity" element of certifications for PPP Loans – Safe Harbor extended to May...

Woods Rogers on

Since the passage of the CARES Act and the SBA completing the first round of PP Loans, companies have been dealing with an ever changing set of guidelines interpreting the eligibility requirements for a PPP Loan and the...more

Lathrop GPM

Paycheck Protection Program (PPP) update, with our own “Frequently Asked Questions”

Lathrop GPM on

Anyone closely considering or utilizing the PPP has undoubtedly heard about the U.S. Small Business Administration’s (SBA’s) so-called “Frequently Asked Questions” (FAQs) that the agency has been issuing and updating on a...more

Bradley Arant Boult Cummings LLP

SBA Extends PPP “Safe Harbor” to May 18

The Small Business Administration (SBA) issued a second update to its answers to frequently asked questions about the Paycheck Protection Program (PPP) on May 13, 2020. This update extends the “safe harbor” period for...more

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