News & Analysis as of

Certification Requirements Safe Harbors

Vinson & Elkins LLP

The Intersection Between ESG Efforts and Antitrust Law

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Historically, companies gave little thought to antitrust considerations when they developed environmental, social, and governance (“ESG”) goals and plans. Recently, this has changed....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

Proskauer Rose LLP

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

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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

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

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

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

Pullman & Comley, LLC

Paycheck Protection Program Frequently Asked Question 46: “How Will SBA Review Borrowers’ Required Good-Faith Certification...

Pullman & Comley, LLC on

On May 13, 2020, the United States Small Business Administration (SBA), in consultation with the United States Treasury, released FAQ 46 to provide guidance as to how SBA will be reviewing the certifications that all...more

Franczek P.C.

SBA Adopts “Safe Harbor” Provision for PPP Loan Recipients Under $2 Million.

Franczek P.C. on

In response to public criticism regarding the disbursement of loans to larger companies, on April 23, the Small Business Administration (SBA) issued guidance stressing that Paycheck Protection Program (PPP) loan applicants...more

McNees Wallace & Nurick LLC

JUST RELEASED: New Guidance on SBA Certification and Safe Harbor

The vast majority of Borrower’s under the SBA’s Paycheck Protection Program (the “PPP”) may breathe a little bit easier today, as the SBA has finally issued guidance surrounding the “good faith” certification Borrowers had to...more

Holland & Knight LLP

SBA Provides Safe Harbor for PPP Borrowers Receiving Less than $2 Million

Holland & Knight LLP on

The U.S. Small Business Administration (SBA) has released guidance just one day before its safe harbor repayment deadline of May 14, 2020, to help a Paycheck Protection Program (PPP) borrower determine whether it lacked a...more

Woods Rogers

Certifications made on application for a PPP Loan – Safe Harbor deadline extended to May 14, 2020

Woods Rogers on

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

Porter Hedges LLP

Alert: "SBA Extends Safe Harbor Repayment Date For PPP Loans To May 18"

Porter Hedges LLP on

As an update to our previous alert regarding guidance on the good faith “necessity” certification, the Small Business Administration (SBA) has further extended the Paycheck Protection Program (PPP) loan “safe harbor”...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

Burr & Forman

SBA Releases Guidance on PPP Good Faith Need Certification

Burr & Forman on

On May 13, 2020, the Small Business Administration (“SBA”) updated its Frequently Asked Questions on the Paycheck Protection Program (“PPP”) loans with a new Question 46 regarding a borrower’s certification that its PPP loan...more

Downs Rachlin Martin PLLC

Paycheck Protection Program Pressure Mounts – Is Change Inevitable?

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

Womble Bond Dickinson

SBA Releases Updated Necessity Certification Guidance - Threshold for Reviewing PPP Loans Set at $2 Million

Womble Bond Dickinson on

After we issued the client alert below, the SBA also published FAQ #47 extending the date for the safe harbor period to return PPP funds to May 18, 2020. One day before the U.S. Small Business Administration’s (SBA)...more

Ward and Smith, P.A.

"Do I Need to Return My PPP Loan?" SBA Extends Safe Harbor Deadline to May 18

Ward and Smith, P.A. on

We have written much about the Paycheck Protection Program ("PPP") loans funded through the SBA as part of the government's response to the COVID-19 crisis. The PPP loan application contains a number of eligibility...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

Jackson Walker

SBA Offers Safe Harbor on PPP Good Faith Certifications of Necessity

Jackson Walker on

When submitting a Paycheck Protection Program (PPP) loan request, medical providers and all other borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the...more

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