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Eligibility Determination Small Business Administration CARES Act

Proskauer Rose LLP

Paycheck Protection Program – Borrower Appeals of Final SBA Loan Review Decisions

Proskauer Rose LLP on

On September 16, 2021, the U.S. Small Business Administration (“SBA”) issued an Interim Final Rule (the “Borrower Appeal Rule”) detailing the (largely technical) procedures for a Paycheck Protection Program (“PPP”) borrower...more

Proskauer Rose LLP

SBA Expands COVID Disaster Loans

Proskauer Rose LLP on

Effective September 8, 2021, the U.S. Small Business Administration (“SBA”) significantly expanded the ability of small businesses to apply for low-interest loans through the revised COVID Economic Injury Disaster Loan...more

Rumberger | Kirk

Restaurant Revitalization Grant Offers Relief to Restaurants and Bars: Opens May 3

Rumberger | Kirk on

It is no secret that the restaurant industry has been one of the harder-hits of the COVID-19 pandemic. With government shutdowns, limits on hours, restricted operations, and social distancing requirements,...more

Chambliss, Bahner & Stophel, P.C.

Key Guidance on SBA's Loan Necessity Questionnaire for Paycheck Protection Program Loans

The U.S. Small Business Administration (SBA) issued guidance on the recently issued “Loan Necessity Questionnaire” (SBA Form 3509/3510). Lenders must require Paycheck Protection Program (PPP) borrowers to complete the...more

Downs Rachlin Martin PLLC

Interim Final Rule Regarding Appeal of SBA PPP Loan Review Decisions

On August 11, the SBA issued an Interim Final Rule regarding the appeal of SBA loan review decisions made under the Paycheck Protection Program (“PPP”). The Interim Final Rule is immediately effective, and while many lenders...more

Morgan Lewis

CARES Act: Paycheck Protection Program Provides Small Business Loans to Support Employees (UPDATED)

Morgan Lewis on

The CARES Act’s Paycheck Protection Program provides loans targeted to small businesses to help keep their workers employed during the coronavirus (COVID-19) pandemic, and offers loan forgiveness to borrowers maintaining a...more

Foodman CPAs & Advisors

PPP Loan Borrowers will need Assistance when Applying for Forgiveness of their PPP Loans

On 4/15/20, the SBA and the U.S. Department of the Treasury released an application form for Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form. ...more

Pierce Atwood LLP

COVID-19: PPP Loans – Economic Need Determinations

Pierce Atwood LLP on

***Update*** On April 28, Treasury Secretary Steven Mnuchin announced that the SBA will do a full review of any loan more than $2,000,000 under the PPP program. He also warned of criminal liability for borrowers who...more

Spilman Thomas & Battle, PLLC

Paycheck Protection Program FAQ 31: The $64,000 Question

The Small Business Administration emphasizes that businesses who participate in the Paycheck Protection Program must make a good faith certification that the loan request is “necessary” to support ongoing operations due to...more

Stinson - Corporate & Securities Law Blog

Reconsidering PPP Eligibility – Should Public Companies and Financially Strong Borrowers Repay PPP Loans?

A number of public companies applied for and received potentially forgivable loans under the Paycheck Protection Program (PPP). To be eligible for a PPP loan a borrower does not need to demonstrate that it is unable to obtain...more

Mayer Brown

Clear as Mud: SBA Offers Further Clarification to PPP Eligibility

Mayer Brown on

In FAQ #31 posted on April 23, 2020, the US Small Business Administration offered the following clarification (italics added): 31. Question: Do businesses owned by large companies with adequate sources of liquidity to...more

Foley & Lardner LLP

Commercial Cleaning Franchise System Challenges SBA’s Determination of Eligibility for Paycheck Protection Program Loans Under...

Foley & Lardner LLP on

Three members of the JANI-KING® franchise system filed suit last week in federal court in Washington, D.C. alleging that the United States Small Business Administration (the SBA) has discriminated against franchised...more

Franczek P.C.

SBA Issues New FAQs regarding the Paycheck Protection Program

Franczek P.C. on

To clear up some uncertainty in the language of the CARES Act’s Payroll Protection Program (“PPP”) and the subsequent interim final rules, the Small Business Administration (“SBA”) issued Frequently Asked Questions (“FAQs”)...more

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