Williams Mullen's COVID-19 Comeback Plan: Preparing Today for Tomorrow's PPP Audit
With the onset of the COVID-19 pandemic, Congress initiated several programs to help businesses weather the difficult economic conditions. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided two of these...more
Last week, the Federal Trade Commission (FTC) obtained temporary restraining orders against two student debt relief companies in the U.S. District Court for the Central District of California. The FTC thereby temporarily...more
The Health Resources & Service Administration (“HRSA”) has begun issuing Final Repayment Notices to providers who received Provider Relief Funds (“PRF”) under the following circumstances: Providers who rejected the Terms and...more
On September 26, 2022, the IRS released IRS Notice 2022-45, which corrected a potential oversight in IRS Notice 2022-33, discussed in detail here. Notice 2022-33 had extended the deadline to adopt certain retirement and...more
When the Consolidated Appropriations Act ("CAA"), 2021, was signed into law by Donald Trump on December 27, 2020, it meaningfully opened the door for employers to assist employees with student loan debt. The CAA authorized...more
In a series of FAQs issued last spring, the Small Business Administration (SBA) made clear that it would review the certification made by Paycheck Protection Program (PPP) borrowers of $2 million or more that “[c]urrent...more
On October 8, 2020, the Centers for Medicare & Medicaid Services (CMS) announced notable changes to the terms of Accelerated and Advance Payment Program (AAPP) loans that were issued to various health care entities earlier...more
Part of the 2020 Business Solutions Series presented by by the Hampton Roads Alliance and Williams Mullen Charles E. “Chuck” James, Jr., co-chair of both the Firearms Industry Group and the White Collar & Investigations...more
Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations, government guidance and other government action; thus, certain details regarding the...more
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, millions of businesses have applied for and received a Paycheck Protection Program (the “PPP”) loan from the...more
As discussed in our previous client alerts, the SBA has released additional guidance on its review of the certification regarding the necessity of a PPP loan and extended the safe harbor to repay PPP loans to May 18, 2020. ...more
On May 15, 2020, the Small Business Administration (SBA) and the U.S. Treasury Department released their much anticipated Loan Forgiveness Application and corresponding instructions (Forgiveness Application) for the Paycheck...more
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business Administration (the “SBA”) and the U.S Treasury Department (“Treasury”) have issued a...more
You’ve been waiting. We’ve been waiting. Another week went by with no meaningful guidance on the forgiveness provisions of the Paycheck Protection Program. What better time to issue it than a beautiful Friday evening! We now...more
On May 13, 2020 – one day before the May 14, 2020 repayment safe harbor deadline – the Small Business Administration (SBA) extended the deadline to May 18, 2020. ...more
After we issued the client alert below, the SBA also published FAQ #47 extending the date for the safe harbor period to return PPP funds to May 18, 2020. One day before the U.S. Small Business Administration’s (SBA)...more
It has been more than a week since the Small Business Administration ("SBA") extended the safe harbor deadline to May 14 for borrowers of Paycheck Protection Program ("PPP") loans to return their PPP loans. According to...more
One long week after the U.S. Treasury announced that it was extending the Paycheck Protection Program Loan “safe harbor” deadline to May 14, the U.S. Treasury announced this morning that borrowers whose loan amount (combined...more
UPDATED May 14, 2020 – On May 13, 2020, the U.S. Treasury Department announced an additional automatic extension of the Safe Harbor deadline from May 14, 2020 to May 18, 2020. May 13, 2020 – The rules and ground shifted...more
BSA Notice 2020-01 from the Employee Benefits Security Administration (EBSA) announced important relief for plan sponsors in connection with authorizing plan loans and distributions...more
Yesterday, the Small Business Administration (SBA) issued Payment Protection Program (PPP) FAQ 46 providing limited safe harbors related to the necessity certification, but did not issue more clarifying guidance as to what...more
It has been more than a week since the Small Business Administration ("SBA") extended the safe harbor deadline to May 14 for borrowers of Paycheck Protection Program ("PPP") loans to return their PPP loans....more
Businesses that accepted a Paycheck Protection Program (“PPP”) loan are on the clock. Earlier last week, the Small Business Administration (“SBA”) issued Frequently Asked Question (“FAQ”) 43. In this latest FAQ, the SBA...more
The U.S. Department of the Treasury recently updated their “Paycheck Protection Program Loans FAQ” with guidance extending the time frame to take advantage of the safe harbor to repay PPP loans to May 14, 2020, and clarifying...more
We have written much about the Paycheck Protection Program ("PPP") loans funded through the SBA as part of the government's response to the COVID-19 crisis. The PPP loan application contains a number of eligibility...more