Updated February 24, 2022 - Update: On January 27, 2022, the Small Business Administration (“SBA”) issued SBA Procedural Notice 5000-82766, SBA Loan Reviews of Paycheck Protection Program Lender Partial Approval...more
Update: On September 16, 2021, the Final Rule on Borrower Appeals of Final SBA Loan Review Decisions was posted and became effective on September 14, 2021 (the “Final Rule”). The Final Rule applies to all appealable final SBA...more
The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more
Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the revised and updated applications posted on May 24, 2021, as well as...more
On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more
Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans - On January 6, 2021, the Small Business...more
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
The Coronavirus Aid, Relief, and Economic Security Act (as amended and modified, the “CARES Act”) was enacted to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 emergency. Among...more
Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the revised and updated applications posted on January 19, 2021, as well as...more
The American Rescue Plan Act of 2021 permits Shuttered Venue Operators to apply for both Paycheck Protection Program loans and Shuttered Venue Operator Grants. The American Rescue Plan Act, signed into law on March 11,...more
Yesterday, President Joe Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (Act), which includes new pandemic-relief grants for small and mid-sized restaurants and bars; expansion of the Paycheck Protection...more
On March 10, Congress passed the $1.9 trillion American Rescue Plan Act of 2021 (Act), the Biden Administration’s COVID-19 relief bill. The Act made very minor revisions to the Paycheck Protection Program, but...more
At $1.9 trillion, the American Rescue Plan Act of 2021, signed into law by President Biden on March 11, 2021, is the largest aid package passed by Congress since the start of the pandemic. With the Rescue Act, Congress hopes...more
Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the revised and updated applications posted on January 19, 2021, as well as other forgiveness procedures as updated by the Economic...more
Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second Draw Rules”). These rules announced the implementation of section 311 of the Economic...more
As we approach the one-year anniversary of passage of the Coronavirus Aid, Relief and Economic Security (CARES) Act, we are getting a better sense of how the government will address fraud arising out of this legislation....more
Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more