The Paycheck Protection Program closed on August 8. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained PPP...more
The Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was expanded by the Paycheck Protection & Health Care Enhancement Act, provides more than $650 billion...more
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law providing, among other relief, up to $349 billion to fund loans to small businesses affected by the...more
On September 19, 2020, the Health Resources and Services Administration (“HRSA”) of the Department of Health and Human Services (“HHS”) issued guidance (“September Guidance”) regarding the post-payment reporting requirements...more
Remaining Congressional Session - There is very little time left in this Congressional session, and both the House and Senate are expected to depart in October to go home to campaign. The exact timing is unclear and the plans...more
On September 1, 2020, the U.S. Department of Health and Human Services (HHS) announced that assisted living facilities (ALFs) may now apply for funding under the Provider Relief Fund (PRF) Phase 2 General Distribution...more
The IRS announced, through its FAQ page, that for-profit healthcare providers, including hospitals and physician practices, will have to pay federal income taxes on any distributions they receive from the Public Health and...more
On July 17, 2020, HHS announced it will begin distributing $10 billion through the Health Resources and Services Administration (HRSA) to hospitals in “high impact” COVID-19 areas. HHS states that it will begin distributing...more
The Internal Revenue Service (“IRS”) recently clarified that CARES Act Provider Relief Funds (“Relief Funds”) are considered taxable income for for-profit providers, including physician practices. This news comes as a...more
The U.S. Department of Health and Human Services (HHS) announced on July 17 that it will begin distributing a second round of funding to hospitals in “high impact COVID-19 areas.” The funding is intended to address the recent...more
[co-author: Daniel Weinstein] - CARES Act, Payroll Protection, and Medicare Advance Payment Programs - This document was last updated on July 20, 2020 to reflect changes made by the Department of Health and Human...more
Originally published on April 14, 2020. Last updated as of July 14, 2020. Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business...more
[co-author: Daniel Weinstein] CARES Act, Payroll Protection, and Medicare Advance Payment Programs - This document was last updated on July 7, 2020 to reflect changes made by the Department of Health and Human Services to...more
On June 15, 2020, Senator Kamala Harris and Representatives Jackie Speier and Jamie Raskin introduced the COVID-19 Whistleblower Protection Act (the “Act”), which seeks to provide protections for employees who blow the...more
Congressional stimulus packages appropriated $175 billion in relief funds under the CARES Act and the Paycheck Protection Program and Health Care Enhancement Acts for the benefit of hospitals and other healthcare providers in...more
Just as the federal government’s approach to the coronavirus is dynamic and evolving, so are the rules for small business loans made in response to the pandemic. On June 11 and June 12, 2020, the Small Business Administration...more
Approximately one week after announcing $4.9 billion in supplemental payments under the Public Health and Social Services Emergency Fund (the "Relief Fund") to skilled nursing facilities ("SNFs") for “critical needs such as...more
SMALL BUSINESS PROGRAMS & ADVISORY SERVICES - CARES Act Section 3610 – Part 1: Confusion and Shifting Sands - Defense Pricing and Contracting issued draft instructions and requirements for contractors submitting funding...more
On June 9, 2020, the U.S. Department of Health and Human Services (HHS) announced that it would distribute up to $25 billion of CARES Act Provider Relief Funds to safety net hospitals and state Medicaid and Children’s Health...more
On June 8, 2020, U.S. Department of the Treasury (Treasury) Secretary Steven Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza issued a statement regarding the enactment of the Paycheck Protection...more
On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) became law and changed several major aspects of the CARES Act and the Paycheck Protection Program (“PPP”). The Flexibility Act...more
[co-author: Daniel Weinstein] In response to widespread cash flow issues resulting from the COVID-19 public health emergency, Congress enacted two key pieces of legislation: the CARES Act and the Paycheck Protection...more
On May 28, 2020, we wrote about the Paycheck Protection Program Flexibility Act (the Act), a new piece of legislation introduced in the House of Representatives. The Act’s intended purpose was to give employers more latitude...more
On April 24, 2020, President Trump signed the Paycheck Protection Program and Healthcare Enhancement Act (PPP Enhancement Act), adding an additional $310 billion to the previously exhausted $349 billion in funds allotted for...more