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
[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
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
[Update: This is an updated version of an article published on June 5, 2020] - On June 5, 2020, the U.S. President signed into law the Paycheck Protection Program Flexibility Act (PPP Flexibility Act or Act) to provide...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
[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 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
Companies and sole proprietors with PPP loans have been scrambling to maximize their 8-week loan forgiveness. The Paycheck Protection Program Flexibility Act, which eases the forgiveness rules, will likely come as welcome...more
Recent rulings from federal courts enjoined the US Small Business Administration (SBA) from applying its April 2, 2020 Interim Final Rule (April 2 IFR) to limit the types of businesses that can participate in the Paycheck...more
As of June 4, 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...more
On June 5, 2020, the U.S. President signed into law the Paycheck Protection Program Flexibility Act (PPP Flexibility Act or Act) to provide businesses with greater flexibility and more time to maximize forgiveness of loans...more
Yesterday, the U.S. Senate adopted by unanimous consent the U.S. House’s version of the Paycheck Protection Program Flexibility Act of 2020 (Act). We expect the Act to be signed into law this week....more
As we reported in our previous alert, the bipartisan bill the Paycheck Protection Program Flexibility Act of 2020, was passed on May 28, 2020 by the House of Representatives. Last night, the Senate passed the bill, which now...more
On June 3, 2020, Congress passed the Paycheck Protection Flexibility Act of 2020 (the Act). The Act eases restrictions on Paycheck Protection Program (PPP) loans and gives business owners more flexibility in spending loan...more
In a previous post, we discussed the appropriate use of the Provider Relief Funds authorized and appropriated by Congress under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, Public Health and Social...more
CARES Act and PPPHCE Act - On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, providing emergency economic stimulus to small businesses and certain eligible recipients in response to the...more
On May 28, 2020, the U.S. House of Representatives passed the Paycheck Protection Program Flexibility Act of 2020 (the Act), new legislation meant to provide additional assistance to small businesses and loosen regulations...more
As noted in our previous alert, SBA recently released its long-awaited PPP Loan Forgiveness Application. Unfortunately, the Forgiveness Application is difficult to understand and complete. To help crack the code, we have put...more
On May 22, 2020, the U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury published its Paycheck Protection Program (PPP) Loan Forgiveness Rules and Loan Review Procedures and Related Borrower and...more
In response to the COVID-19 pandemic, Congress has allocated trillions of dollars to help businesses and individuals weather a period of historic economic challenge. Government assistance programs of this scale, however,...more