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
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 7, 2020, the Small Business Administration and Treasury Department updated their Frequently Asked Questions on the Paycheck Protection Program with FAQ 52. As reflected in the question, the PPP Flexibility Act made...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
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
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
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
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
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
In FAQ #43, Treasury announced it has extended the PPP loan repayment safe harbor to May 14, 2020 (from the original May 7, 2020 deadline)....more
SBA Extends Certification Safe Harbor Repayment Date By One Week - On May 5, 2020, the Small Business Administration (“SBA”) newly issued limited guidance on the Paycheck Protection Program (“PPP”) extending the safe...more
The U.S. Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, has extended the deadline to repay Paycheck Protection Program (PPP) loans by one week. In further response to the SBA's...more
The Treasury and SBA today updated a set of Frequently Asked Questions (FAQs) with respect to the Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in order...more
Since the launch of the Paycheck Protection Program (PPP), evolving guidance has been frequently released on the website of the U.S. Treasury Department (Treasury) related to this loan program administered by the Small...more