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Loan Applications Safe Harbors

McCarter & English, LLP

Paycheck Protection Program: Creating Certainty Out Of Uncertainty From The Rearview Mirror

McCarter & English, LLP on

The Small Business Administration (“SBA”) is accepting comments until November 26, 2020 (Thanksgiving) on two proposed loan necessity questionnaires for Paycheck Protection Program (“PPP”) loans in excess of $2 million: SBA...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

Ward and Smith, P.A.

Questions Raised by the PPP Loan Necessity Questionnaire

Ward and Smith, P.A. on

Under the Paycheck Protection Program ("PPP"), borrowers who received a PPP loan in excess of $2 million, whether from a single loan or the combined total of loans from the borrowers' affiliates, have known for a while that...more

Schwabe, Williamson & Wyatt PC

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

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

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips

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 may submit a loan forgiveness application any time on or before...more

Foodman CPAs & Advisors

PPP Safe Harbor is meant to promote economic certainty for PPP borrowers with limited resources

On May 13, 2020, the U.S. Treasury published PAYCHECK PROTECTION PROGRAM LOANS Frequently Asked Question (FAQ 46). It addresses SBA review of a borrower’s required good-faith certification concerning the necessity of a loan...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

Sheppard Mullin Richter & Hampton LLP

Paycheck Protection Program Flexibility Act: Major Changes to the PPP

On June 5, 2020, the U.S. President signed into law the Paycheck Protection Program Flexibility Act (PPP Flexibility Act or Act) to provide businesses with greater flexibility and more time to maximize forgiveness of loans...more

Bowditch & Dewey

New Guidance on the PPP Necessity Certification Provides Automatic Safe Harbor for Borrowers with Loan Amounts Under $2 Million

Bowditch & Dewey on

Safe Harbor Deadline to Repay Loans of $2 Million or More Extended to May 18th - On May 13, 2020, the Treasury issued important and long-awaited FAQ guidance regarding the PPP applicant certification (referred to herein...more

Goodwin

Financial Services Weekly Roundup: SBA Provides Guidance On Borrower’s Good Faith Certification

Goodwin on

In This Issue. The Small Business Administration (SBA) provided guidance on a borrower’s good faith certification on the necessity of Paycheck Protection Program (PPP) loan requests, announcing a safe harbor regarding this...more

Proskauer Rose LLP

Rear View Mirror: Criminal Exposure for Companies that Received PPP Loans Under the CARES Act

Proskauer Rose LLP on

On April 28, 2020, Treasury Secretary Mnuchin announced that companies that received loans of more than $2 million through the Paycheck Protection Program (“PPP”) of the CARES Act will be closely scrutinized. Mr. Mnuchin’s...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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