News & Analysis as of

Loan Applications Interim Final Rules (IFR)

Schwabe, Williamson & Wyatt PC

PPP Ineligibility Update: Businesses Ineligible for First Draw and Second Draw PPP Loans - Update

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

Hinshaw & Culbertson LLP

PPP Updates: Calculation of the Loan Amount and Use of Loan Proceeds for Individuals Who File IRS Form 1040, Schedule C and...

On March 3, 2021, the Small Business Administration (SBA), in conjunction with the U.S. Department of the Treasury, adopted an interim final rule (IFR) that: (1) allows individuals who file an IRS Form 1040, Schedule C to...more

Goodwin

SEC Releases 2021 Examination Priorities

Goodwin on

In this Issue. The U.S. Securities and Exchange Commission (SEC) Division of Examinations released its 2021 Examination Priorities and issued a risk alert noting that “Digital Asset Securities” entail characteristics and...more

Schwabe, Williamson & Wyatt PC

Asking for Forgiveness: Revised PPP Loan Forgiveness Applications and Guidance - Update #2

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

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #9

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

Bowditch & Dewey

New PPP Funding Hits the Streets – A Primer on What Businesses Should Know

Bowditch & Dewey on

Struggling businesses adversely impacted by the COVID-19 pandemic now have access to a second round of Paycheck Protection Program (“PPP”) stimulus funding enacted as part of the Economic Aid to Hard Hit Small Businesses,...more

Schwabe, Williamson & Wyatt PC

PPP Ineligibility Update: Businesses Ineligible for First Draw and Second Draw PPP Loans

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

Schwabe, Williamson & Wyatt PC

A Guide to the SBA PPP Loan Forgiveness Review Process - Update #3

Borrowers applying for loan forgiveness under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) should familiarize themselves with the SBA guidance regarding the loan forgiveness review process....more

Akin Gump Strauss Hauer & Feld LLP

The Paycheck Protection Program: New SBA Questionnaires Require Borrowers of $2 Million or More to Provide Justification for...

Key Points - On October 26, 2020, the SBA announced its intent to require a Necessity Questionnaire for borrowers that received PPP loans of $2 million or greater. - The SBA intends to use the Necessity Questionnaire...more

Schwabe, Williamson & Wyatt PC

Ten Things to Know About the PPP Loan Forgiveness Applications - Update #6

Below are the ten important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the applications posted on June 16, 2020, and October 8, 2020. There are...more

Hinshaw & Culbertson LLP

A Summary of PPP Updates, Including Early Filing of Forgiveness Application

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

Foster Garvey PC

We Can Work It Out: The SBA Continues Providing Guidance on the PPP and Loan Forgiveness

Foster Garvey PC on

The Small Business Administration (“SBA”) continues its quest to provide guidance relative to the Paycheck Protection Program (“PPP”) enacted as part of the CARES Act and the Paycheck Protection Program Flexibility Act of...more

Downey Brand LLP

More Updates on the PPP, Including New Borrower-Friendly Forgiveness Applications

Downey Brand LLP on

Guidance on the federal Paycheck Protection Program (“PPP”) continues to change at a fast pace. In the last week, the Small Business Administration (“SBA”) has released revised guidance on implementing the Paycheck Protection...more

Womble Bond Dickinson

Frequently Asked Questions: Paycheck Protection Program Loan Forgiveness (Updated June 2020)

Womble Bond Dickinson on

Revisions Incorporate Paycheck Protection Program Flexibility Act of 2020, New Forgiveness Applications, and Recent Interim Final Rules - On June 16, 2020, the Small Business Administration (SBA) and the U.S. Treasury...more

Foster Garvey PC

Taxpayers May Want to Wait to File Their PPP Loan Forgiveness Applications

Foster Garvey PC on

Up until this past Wednesday, the Paycheck Protection Program (“PPP”) loan forgiveness application issued by the Small Business Administration (“SBA”) had not been updated since May. New guidance was issued in the interim...more

Goodwin

Financial Services Weekly Roundup: Treasury And SBA Codify Changes To PPP Flexibility Act

Goodwin on

In This Issue. The U.S. Department of the Treasury (Treasury) and the Small Business Administration (SBA) released an interim final rule to reflect changes made by H.R. 7010, the Paycheck Protection Program Flexibility Act,...more

Sheppard Mullin Richter & Hampton LLP

[UPDATED] Paycheck Protection Program Flexibility Act: Major Changes to the PPP

[Update: This is an updated version of an article published on June 5, 2020] - On June 5, 2020, the U.S. President signed into law the Paycheck Protection Program Flexibility Act (PPP Flexibility Act or Act) to provide...more

Jackson Walker

CARES Act Update – Important Considerations for Paycheck Protection Program Participants (Enforcement Actions, FAQ 31 and FAQ 37,...

Jackson Walker on

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 23, 2020, to provide emergency economic stimulus to small businesses and certain eligible recipients in response to the economic...more

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