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Paycheck Protection Program (PPP) loans were designed to help small businesses cover explicit allowable expenses during the COVID-19 pandemic. There are various eligibility requirements that businesses must satisfy before...more
At the end of 2020, Congress passed another round of Covid-19 relief in The Consolidated Appropriations Act, 2021 (CAA). The CAA provides for some key tax-advantaged stimulus measures, such as a second round of PPP loans...more
The SBA, in consultation with the Treasury, released a new interim final rule, to simplify loan forgiveness for certain borrowers of Paycheck Protection Program (“PPP”) loans. Specifically, the SBA has issued a rule that...more
On October 8, 2020, the Small Business Administration (“SBA”) issued an interim final rule in conjunction with the U.S. Department of Treasury (“Treasury”), providing for a simplified forgiveness application for recipients of...more
The SBA has continued its wave of regulations and guidance as PPP borrowers begin to apply for loan forgiveness. New regulations address nuanced, but important, issues such as “owner-employee” compensation and the...more
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
The U.S. Treasury and the SBA released two Paycheck Protection Program (PPP) Interim Final Rules on June 17, 2020 and June 22, 2020. A summary of the key points of these rules follows below....more
On Wednesday, June 3, the U.S. Senate passed the Paycheck Protection Program ("PPP") Flexibility Act (the "Act"). The Act was approved by the House on Thursday, May 28 and passed the Senate in a unanimous vote....more
While much of the rules duplicate what is found in the PPP loan forgiveness application and instructions, there are some significant new items of guidance. The first of these Interim Final Rules addresses the requirements and...more
Section 1102 of the CARES Act creates the Paycheck Protection Program (PPP), which is intended to provide funds for small businesses affected by COVID-19 to maintain their workforce. ...more
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
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
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Trump on March 27, 2020, is a $2 trillion relief package aimed at helping alleviate some of the impact that the COVID-19...more
The Paycheck Protection Program (PPP) has provided temporary funding for many businesses of various sizes and across many industries. Once borrowers have received approval and funding (if not sooner), they should focus on...more
What happens to Paycheck Protection Program (“PPP’) forgiveness amounts if the borrower lays off an employee and then offers to rehire the employee, but the employee declines the offer?...more