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North American Industry Classification System Relief Measures

Perkins Coie

SBA Serves Up Guidance for Restaurant Revitalization Fund Grants

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More than a year into the COVID-19 pandemic, the first form of federal relief prepared specifically for restaurants is likely to be delivered soon. Many restaurants have benefited from Paycheck Protection Program (PPP) loans,...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses - UPDATED March 2021 #3

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Pillsbury Winthrop Shaw Pittman LLP

COVID-19 Relief: Understanding New Paycheck Protection Loan Opportunities

The Economic Aid Act continues the CARES Act’s Paycheck Protection Program with an additional $284 billion to provide forgivable loans to eligible small businesses, including certain borrowers that already received loans. ...more

White and Williams LLP

PPP 2.0: Welcome, But Still Too Complicated?

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While the arrival of vaccines for the coronavirus have us seeing the proverbial light at the end of the COVID-19 tunnel, many small businesses, particularly in industries such as travel, hospitality and specialty retail,...more

King & Spalding

PPP Round Three: Second Draws and Second Chances

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On December 27, 2020, Congress passed the Economic Aid Act, another COVID-19 relief bill with changes to the Paycheck Protection Program (“PPP”) and the opportunity for many PPP loan recipients to apply for a second loan,...more

Moritt Hock & Hamroff LLP

Round Two: Reauthorization of the Paycheck Protection Program

On December 27, 2020, H.R. 133 – the Consolidated Appropriations Act, 2021 (the “CAA 2021”) was signed into law. The CAA 2021 not only provides an omnibus spending bill for the 2021 fiscal year, it also contains provisions...more

Foley Hoag LLP

SBA Issues Regulations on New Round of PPP Loans

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On January 6, 2021, the U.S. Small Business Administration and the Department of Treasury released interim final rules related to the expansion and extension of the original Paycheck Protection Program (PPP) and the...more

Chambliss, Bahner & Stophel, P.C.

What You Need to Know About Latest Paycheck Protection Program Regulations and Second Draw Loans

As we have reported, the stimulus bill passed by Congress and signed by President Trump late last year enacted major changes to the popular Paycheck Protection Program (PPP). And this week, consistent with that law’s 10-day...more

Morrison & Foerster LLP

The SBA Imposes A $20M Limit On PPP Loans For Corporate Groups

On April 30, 2020, the U.S. Small Business Administration (SBA) issued a sixth interim final rule on the SBA’s Paycheck Protection Program (PPP), one of the relief programs available under the Coronavirus Aid, Relief, and...more

BCLP

SBA PPP Eligibility Requirements

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The SBA has made clear that businesses with 500 or fewer employees can apply for PPP funds, with certain exceptions. The number of employees for a business is generally determined by the average number of people employed for...more

Cozen O'Connor

SBA Issues Additional Guidance On Affiliation Rules Under The Paycheck Protection Program

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As previously reported, the Small Business Administration (SBA), in consultation with the Department of Treasury, has separately issued an interim rule on its affiliation rules and Frequently Asked Questions (FAQs) on the...more

Rosenberg Martin Greenberg LLP

CARES ACT – Paycheck Protection Program Loans

Is Your Business a Small Business? On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”).  One of the key programs initiated by the Act is...more

Morgan Lewis

Nonprofits: CARES Act Offers COVID-19 Relief, But Requirements Can Be Complex

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The Coronavirus Aid, Relief and Economic Security (CARES) Act provides economic relief to organizations, including nonprofits, facing financial challenges as a result of the coronavirus (COVID-19) pandemic....more

Ballard Spahr LLP

Major Paycheck Protection Program Developments Since the (Initial) Interim Final Rule

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The SBA’s initial Interim Final Rule addressing the CARES Act’s Paycheck Protection Program (“PPP”), released on April 2, and its revised Borrower Application Form and Lender Application Form for a PPP Loan Guaranty, released...more

Shook, Hardy & Bacon L.L.P.

COVID-19 Client Primer | Paycheck Protection Program

The Paycheck Protection Program Under the CARES Act Title I of the recently enacted CARES Act provides for the Small Business Administration’s (SBA’s) Paycheck Protection Program (PPP) to assist eligible borrowers with loans...more

Perkins Coie

Small Business Loans and the CARES Act: What PE and VC Investors Need to Know About the SBA’s Affiliation Rules

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A key feature of the nearly $2 trillion economic stimulus bill signed into law on March 27, 2020, is the creation of a $350 billion “Paycheck Protection Program” (PPP) to authorize loans to businesses affected by the COVID-19...more

Lewitt Hackman

Frequently Asked Questions Regarding the Paycheck Protection Program

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As of April 2, 2020 On March 27, 2020, Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which is an approximately $2 trillion stimulus and economic relief...more

Troutman Pepper

Paycheck Protection Program: Are You Feeling Small and Left Out? There May be an Answer for You

Troutman Pepper on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a new program within the U.S. Small Business Administration’s (SBA’s) flagship 7(a) Loan Program called the “Paycheck Protection Program” (PPP). Under...more

Pierce Atwood LLP

COVID-19: SBA Clarifies Affiliation Rules for Paycheck Protection Program

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On Thursday, April 2, 2020, the U.S. Small Business Administration (SBA) issued its Interim Final Rule to the Paycheck Protection Program (PPP). The final rules provide, in part, that entities eligible to apply for PPP loans...more

Winthrop & Weinstine, P.A.

Paycheck Protection Program: SBA Affiliation Rules

The Coronavirus Aid, Relief and Economic Security Act authorizes $349 billion in forgivable Section 7(a) Small Business Administration (“SBA”) loans under the “Paycheck Protection Program”, to be issued by qualified SBA...more

McGuireWoods LLP

Can Private Equity-Backed Education Platforms Seek Assistance From The Higher Education Emergency Relief Fund?

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McGuireWoods Consulting released recent updates about the coronavirus and its impact on education, including a new $14.25 billion Higher Education Emergency Relief Fund. The question many are asking, however, is who will have...more

Bracewell LLP

Many Companies With More Than 500 Employees Could Qualify For Stimulus Loans

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As the nation scrambles to take advantage of the $2 trillion stimulus benefits in the CARES Act, numerous sources have stated that only businesses with 500 or fewer employees are eligible to apply for loans under the Act’s...more

McGuireWoods Consulting

Coronavirus and Its Impact on Education (Updated)

This memo is a follow up to last week—and the emails you have received from us since—regarding the Coronavirus Aid Relief and Economic Security Act (CARES Act). After days of negotiations and failed votes, the revised “third...more

Cooley LLP

Alert: SBA Programs Under the CARES Act: Are You Eligible for Federal Assistance?

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As has been well publicized, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a $2 trillion economic relief package enacted to help individuals and businesses in the United States weather the severe...more

Tarter Krinsky & Drogin LLP

The Coronavirus Aid, Relief, And Economic Security Act: What It Means For Your Business

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest emergency spending measure in U.S. history, has been passed by both houses of Congress and was signed into law by President Trump on March 27,...more

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