Williams Mullen's COVID-19 Comeback Plan: Preparing Today for Tomorrow's PPP Audit
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
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
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
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 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
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
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