Podcast: Tax Reform and Its Impact on Exempt Organizations, One Year In
The Small Business Administration (SBA) and the U.S. Department of the Treasury issued a new interim Paycheck Protection Program (PPP) rule on August 24, 2020. The rule covers changes involving owner-employee compensation,...more
On June 19 and June 22, 2020, the Small Business Administration (“SBA”) issued new revisions to their First Interim Final Rule concerning the Paycheck Protection Program (“PPP”). The Revised Interim Final Rule and the...more
In an effort to update previously-issued rules on Paycheck Protection Program (PPP) loan forgiveness following the recent enactment of the PPP Flexibility Act, the Small Business Administration (SBA) has revised certain...more
Among the most significant aspects of the CARES Act is the $660 billion small business forgivable loan program known as the Paycheck Protection Program (PPP), and it was perhaps inevitable that the administration of the...more
On May 22, 2020, the Small Business Administration (SBA) released two new interim final rules to clarify the administration of loans under the Paycheck Protection Program (PPP). The first interim rule confirms the guidance...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on Friday March 27, 2020, introduced the Paycheck Protection Program (the “PPP”) with an initial $349 billion in funding and the goal of...more
On May 13, 2020, the Treasury Department issued an interim final rule that provides guidance on increases to certain Paycheck Protection Program (PPP) loans issued by the Small Business Administration (SBA) to partnerships...more
Disbursement of PPP Loan Proceeds - Questions persist regarding how loans under the Paycheck Protection Program (“PPP”) are to be funded by lenders. Specifically, some Borrowers have sought multiple draws hoping to achieve...more
On April 24, the Small Business Administration (SBA) issued its Third Interim Rule containing guidance for execution of the Coronavirus Aid, Relief, and Economic Security (CARES) Act's Paycheck Protection Program (PPP)....more
On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued guidance for banks that wish to participate in the Federal Reserve’s Paycheck Protection Program Lending Facility (the...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on Friday March 27, 2020, introduces the Paycheck Protection Program (the “PPP”) with $349 billion in funding and the goal of preventing...more
On April 3, 2020, the Small Business Administration (the “SBA”) published its Interim Final Rule (the “Interim Rule”) governing the origination of “paycheck protection loans” under the newly created small business lending...more
On April 9, 2020, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), and the Office of the Comptroller of the Currency (collectively, the “federal banking...more
With the much-anticipated release of the Small Business Administration (SBA) Interim Final Rule on affiliation under the Paycheck Protection Program (PPP) late on April 3, those waiting with bated breath for any clarification...more
On April 2, 2020, the Small Business Administration (SBA) issued its Paycheck Protection Program (PPP) Interim Final Rule, which makes some key changes to the implementation of the PPP program announced in Sections 1102 and...more
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted late last week. Designed to provide emergency economic assistance to businesses, families, and individuals, the CARES Act also...more
The Interim Final Rule (the “Rule”) pertaining to applications for the Paycheck Protection Program was released this evening. A few unexpected positions have been taken (and some ambiguity/uncertainty still remains) – ...more