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Interim Final Rules (IFR) SBA Lending Programs

Troutman Pepper

Texas Federal District Court Rejects All Administrative Procedure Act Challenges to CFPB’s Section 1071 Final Rule

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Monday, the U.S. District Court for the Southern District of Texas granted the Consumer Financial Protection Bureau’s (CFPB or Bureau) motion for summary judgment on all Administrative Procedure Act (APA) challenges brought...more

Holland & Knight LLP

SBA Modifies COVID-19 Small Business Disaster Loans to Support the Hardest-Hit Businesses

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The U.S. Small Business Administration (SBA) announced changes to its emergency loan programs intended to provide critical access to capital for the industries hardest hit by COVID-19. On Sept. 8, 2021, the SBA published a...more

Dorsey & Whitney LLP

Deferment Period Extended for PPP Borrowers that Appeal Adverse Forgiveness Decisions

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Effective July 28, 2021, the Small Business Administration (“SBA”) announced a new interim final rule that, inter alia, extends the “deferment period” for borrowers that appeal a final SBA loan review decision. Borrowers are...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs for Nonprofits - UPDATED March #3

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

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses - UPDATED March 2021 #3

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

Miller Canfield

SBA Reopens Portal for PPP Round Two Applications; Quick Action Recommended

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The SBA, in consultation with the Department of Treasury, has announced that it is reopening its portal for first draw and second draw PPP applications to all eligible PPP lenders today, January 19, 2021. The portal had...more

Tucker Arensberg, P.C.

Interim Final Rules and Application Released for Second Draw PPP Loans

Tucker Arensberg, P.C. on

On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) (Pub. L. 116-260) into law to provide continued assistance to individuals and...more

Miller Canfield

Congress Permits SBA to Make PPP Loans to Debtors in Bankruptcy, SBA Says "No"

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In June and December of 2020, Miller Canfield reported that the Fifth and Eleventh Circuits had held that the Small Business Administration ("SBA") may exclude debtors in bankruptcy from consideration for Paycheck Protection...more

Rosenberg Martin Greenberg LLP

Economic Aid Act – PPP Loan Update

What is the Economic Aid Act? The Economic Aid Act, among other things, reauthorizes lending under the Paycheck Protection Program (PPP) through March 31, 2021, modifies provisions related to making PPP loans and...more

Holland & Knight LLP

PPP and the Economic Aid Act

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President Donald Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act), which was included in the Consolidated Appropriations Act, 2021, on Dec. 27, 2020. In turn, the U.S....more

Miller Canfield

Foreign-Owned Company Eligibility for PPP 2.0 Loans

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Certain foreign-owned or controlled U.S. businesses are eligible to apply for potentially forgivable loans under the second round of the Paycheck Protection Program ("PPP") included in the recently enacted Economic Aid to...more

Lowndes

SBA Releases PPP2 Interim Final Rules

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This week, the U.S. Small Business Administration (SBA) and Treasury will launch the revamped Paycheck Protection Program (PPP2). PPP2 will reopen today for first-time borrowers and on Wednesday, January 13 for second-draw...more

Seyfarth Shaw LLP

SBA Posts Interim Final Rules Implementing Changes to First Draw and Second Draw Loans under the Paycheck Protection Program

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On January 6, 2020, the Small Business Administration (“SBA”) issued its much anticipated Interim Final Rules (“IFR”) under the $2.3 trillion coronavirus relief and government funding act, the Economic Aid to Hard-Hit Small...more

Genova Burns LLC

Paycheck Protection Program Update: Where do you Stand?

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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

Genova Burns LLC

Paycheck Protection Program: Allocability of Nonpayroll Costs to Your Business

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The SBA, in consultation with the Treasury, released another set of interim final rules, dated August 27, 2020 regarding forgivable costs under the Paycheck Protection Program. In these rules, the SBA discusses...more

Robinson & Cole LLP

PPP Update: Treatment of Owners and Forgiveness of Certain Nonpayroll Costs

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On August 24, 2020, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury (Treasury), released guidance with regard to the forgiveness of Paycheck Protection Program (PPP) loans in...more

Proskauer Rose LLP

Paycheck Protection Program – Where Are We Now? An Up-To-Date Guide to the Paycheck Protection Program (UPDATED)

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Originally published on April 14, 2020. Last updated as of July 14, 2020. Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business...more

Woods Rogers

When to Apply for Forgiveness of a PPP Loan

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The Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”) become law on Friday, June 5, 2020, modifying critical provisions of the CARES Act and the Interim Final Rules implementing the CARES Act, adopted by the Small...more

Hinshaw & Culbertson LLP

SBA Issues Interim Final Rule on PPP Loan Forgiveness

On May 22, 2020, the Small Business Administration (SBA) and the U.S. Department of the Treasury released an Interim Final Rule on Paycheck Protection Program (PPP) Loan Forgiveness (the "Loan Forgiveness Rule"). Although...more

Ward and Smith, P.A.

A Few Unanswered Questions About PPP Loan Forgiveness

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As we reported in a previous article, on May 15, the SBA posted the form of application, with instructions, that borrowers must complete and submit to request forgiveness of all or a portion of their PPP loans based on their...more

Fisher Phillips

New Paycheck Protection Loan Rules Provide Some Answers

Fisher Phillips on

Questions about employee bonuses, payments made to owner employees and the Small Business Administration’s (SBA) authority to audit Paycheck Protection Program loans (PPP) were answered just before the long Memorial Day...more

Ward and Smith, P.A.

A Few Questions Answered – SBA Issues PPP Loan Application and Additional Interim Final Rules

Ward and Smith, P.A. on

Over the last six weeks, PPP loan borrowers understandably had a multitude of questions about the loan forgiveness process. After all, without forgiveness, the PPP loan is nothing more than just another business debt...more

BCLP

U.S. - COVID-19 Paycheck Protection Program: PPP Loan Forgiveness And Loan Review Regs Answer More Questions

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The Small Business Administration’s (“SBA”) release of an Interim Final Rule on loan forgiveness and an Interim Final Rule on SBA loan review procedures, each under the Paycheck Protection Program (“PPP”), add additional...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

Genova Burns LLC

Paycheck Protection Program: Two New Interim Final Rules

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The SBA released two new interim final rules informing recipients and lenders of Paycheck Protection Program (“PPP”) loans the components of a borrower’s application that the SBA intends to review and memorializing some of...more

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