News & Analysis as of

Certifications CARES Act

Chambliss, Bahner & Stophel, P.C.

SBA Discontinues Reliance on Loan Necessity Questionnaires

On July 29, 2021, the Department of the Treasury published updates to its Paycheck Protection Program FAQs. The updates come in response to the Small Business Administration’s (SBA) decision to discontinue the use of its Loan...more

Schwabe, Williamson & Wyatt PC

First Draw PPP Loans $2 Million and Up and the PPP Necessity Questionnaires - Update

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

Schwabe, Williamson & Wyatt PC

10 Things to Know about Second Draw PPP Loans as Updated for the Economic Aid Act and the ARP Act - Update #5

On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more

Schwabe, Williamson & Wyatt PC

First Draw PPP Loans $2 Million and Up and the PPP Necessity Questionnaires

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

Schwabe, Williamson & Wyatt PC

What to Know about the Paycheck Protection Program, Round Two - Update

Unpacking the Economic Aid Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans (January 14, 2021) - Late on January 6, 2021, the Small Business...more

Schwabe, Williamson & Wyatt PC

Updated Key Considerations for PPP Documentation under the Economic Aid Act

Borrowers under the Small Business Administration’s (the “SBA”) Paycheck Protection Program (“PPP”) are required to either maintain or submit to lenders and the SBA certain documentation associated with their application for...more

Schwabe, Williamson & Wyatt PC

What to Know about the Paycheck Protection Program, Round Two

Unpacking the Economic Aid Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans (January 14, 2021) - Late on January 6, 2021, the Small Business...more

Hinshaw & Culbertson LLP

SBA Issues FAQ on Questionnaires for PPP Loans in Excess of $2 Million

Hinshaw & Culbertson LLP on

In November 2020, the Small Business Administration (SBA) issued for comment two questionnaire forms, which would need to be provided by Paycheck Protection Program (PPP) lenders to PPP borrowers who, together with their...more

Schwabe, Williamson & Wyatt PC

Main Street Lending Program Overview for Nonprofits and For-Profit Businesses - Update

The Federal Reserve Bank of Boston announced on July 6, 2020, that the Main Street Lending Program (“Main Street Program” or “Program”) is now fully operational and ready to purchase participation in eligible loans that are...more

Perkins Coie

SBA Questions Borrowers About the Necessity of Their PPP Loans

Perkins Coie on

Over the course of the last week, the Small Business Administration (SBA) has reportedly begun quietly questioning borrowers who had received Paycheck Protection Program (PPP) loans about the “necessity” of their loans. On...more

Schwabe, Williamson & Wyatt PC

Main Street Lending Program Overview for Nonprofits and For-Profit Businesses

The Federal Reserve Bank of Boston announced on July 6, 2020, that the Main Street Lending Program (“Main Street Program” or “Program”) is now fully operational and ready to purchase participation in eligible loans that are...more

Hinshaw & Culbertson LLP

SBA and Treasury Provide PPP Loan Forgiveness Applications

Last month, the U.S. Treasury and the Small Business Administration (SBA) released two Paycheck Protection Program (PPP) loan forgiveness applications. The first was a new EZ PPP loan forgiveness application with instructions...more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Manufacturing, Distribution and Retail Industry - Update #7

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more

Schwabe, Williamson & Wyatt PC

Overview of the Main Street Lending Program

On June 15, 2020, the Federal Reserve announced the launch of its Main Street Lending Program (“Main Street Program” or “Program”) under the CARES Act. This Program was created to provide up to $600 billion in liquidity to...more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Real Estate and Construction Industry - Update #5

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more

Bradley Arant Boult Cummings LLP

IRS Issues Helpful Guidance for Retirement Plans Under the CARES Act

The Internal Revenue Service (IRS) recently issued Notice 2020-50 to provide retirement plans with guidance under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The extensive guidance provides helpful...more

Miles & Stockbridge P.C.

Preparing for Government Investigations in Wake of PPP Loan Certifications

The U.S. Department of Justice (“DOJ”) is scrutinizing borrowers who have applied for loans through the Small Business Administration’s Paycheck Protection Program (“PPP”), established by the Coronavirus Aid, Relief, and...more

Chambliss, Bahner & Stophel, P.C.

SBA and Treasury Issue Initial Regulations Implementing PPP Flexibility Act

Late on June 10, 2020, the Small Business Administration (SBA) and Treasury Department issued the 17th “interim final rule,” providing the initial regulations to implement the Paycheck Protection Program Flexibility Act...more

White and Williams LLP

The Main Street Business Lending Program – Forms and Agreements

On May 27, 2020, the Federal Reserve Bank of Boston (FRBB) released several forms, agreements and instructions (Required Documentation) for Eligible Lenders and Eligible Borrowers pertaining to the Main Street Business...more

Lowenstein Sandler LLP

SBA Announces: “SBA may begin a review of any PPP loan of any size at any time in SBA’s discretion” & DOJ Announces Multiple...

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Between May 20 and May 22, SBA announced three new Interim Final Rules and the U.S. Department of Justice (DOJ) announced three new fraud prosecutions stemming from PPP loans. Those prosecutions reflect that the DOJ does not...more

Schwabe, Williamson & Wyatt PC

CARES Act Questions for the Real Estate and Construction Industry - Update #2

Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”) and the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE...more

Bass, Berry & Sims PLC

SBA Releases PPP Loan Forgiveness Application and Issues Formal Guidance Regarding PPP Loan Forgiveness

Bass, Berry & Sims PLC on

This alert, originally published May 19, 2020, was updated to reflect further guidance issued by the SBA on May 22, 2020 regarding PPP loan forgiveness. The Small Business Administration (SBA) has released the first major...more

Porter Hedges LLP

Alert: "SBA Releases PPP Loan Forgiveness Application"

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On Friday, May 15, 2020, the Small Business Administration (SBA) published the “Paycheck Protection Program (PPP) Loan Forgiveness Application” to be completed by borrowers to have their PPP loan forgiven. The Form itself...more

Tarter Krinsky & Drogin LLP

SBA Extends Good Faith Certification Safe Harbor Until May 18, 2020 And Loan Increases For Certain Partnerships

Under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Small Business Administration (SBA) is tasked with administering the Paycheck Protection Program (PPP), the loan program intended to allow...more

Sheppard Mullin Richter & Hampton LLP

Paycheck Protection Program: SBA Issues Further Guidance on its Review of the Economic Uncertainty Certification made by PPP...

On May 13, 2020, the U.S. Department of Treasury (Treasury) and U.S. Small Business Administration (SBA) issued an updated Frequently Asked Questions fact sheet (FAQ), which provides interpretative guidance on the Paycheck...more

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