News & Analysis as of

Loan Repayment Issues Coronavirus/COVID-19 Small Business Administration

Health Care Compliance Association (HCCA)

CARES Act appeals: Key steps in addressing denials and repayments

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

Parker Poe Adams & Bernstein LLP

SBA Reveals Questionnaires Aimed at Auditing Necessity of Large Paycheck Protection Program Loans

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

BCLP

SBA Confirms Impact of PPP Flexibility Act on Outstanding Promissory Notes

BCLP on

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

Proskauer Rose LLP

All Will Be Forgiven (or Not): What to Consider When Acquiring a Business with a PPP Loan

Proskauer Rose LLP on

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

Womble Bond Dickinson

Frequently Asked Questions: Paycheck Protection Program Loan Forgiveness

Womble Bond Dickinson on

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

Ruder Ware

Quiet Friday Evening Interrupted by Long Awaited SBA Guidance on PPP Loan Forgiveness

Ruder Ware on

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

Womble Bond Dickinson

SBA Releases Updated Necessity Certification Guidance - Threshold for Reviewing PPP Loans Set at $2 Million

Womble Bond Dickinson on

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

Ward and Smith, P.A.

Update: SBA Creates New PPP Safe Harbor Rule, Extends Deadline to May 18

Ward and Smith, P.A. on

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

Fisher Phillips

Businesses That Obtained PPP Loans Under $2M Will Not Be Audited (UPDATED)

Fisher Phillips on

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

Cooley LLP

Alert: New PPP Loan FAQ - Limited Safe Harbors Related to Necessity Certifications

Cooley LLP on

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

Ward and Smith, P.A.

Update: SBA Creates New PPP Safe Harbor Rule Just Ahead of May 14 Deadline

Ward and Smith, P.A. on

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

Ward and Smith, P.A.

"Do I Need to Return My PPP Loan?" SBA Extends Safe Harbor Deadline to May 14

Ward and Smith, P.A. on

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

Ruder Ware

PPP Safe Harbor Repayment Date Extended to May 14th

Ruder Ware on

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

Downs Rachlin Martin PLLC

CARES Act Safe Harbor Extension

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

Holland & Knight LLP

Safe Harbor Deadline for Repayment of PPP Loans Extended from May 7 to May 14

Holland & Knight LLP on

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

Eversheds Sutherland (US) LLP

Treasury and SBA issue new guidance on Paycheck Protection Program and extend the “safe harbor” repayment date to May 14th

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

Ballard Spahr LLP

U.S. Treasury Provides Guidance on Paycheck Protection Program, Demands Repayment From Applicants With ‘Adequate Sources of...

Ballard Spahr LLP on

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

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