Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on...more
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
What is the Paycheck Protection Program? The Paycheck Protection Program (“PPP”) is a loan program created by the federal CARES Act, which authorized $349 billion in forgivable loans to nonprofits, among other business...more
On June 5, 2020, certain key provisions of the CARES ACT regarding the Paycheck Protection Program (PPP) were amended by passage of that certain Paycheck Protection Program Flexibility Act of 2020, as supplemented by those...more
The Small Business Administration (SBA) has released an updated Loan Forgiveness Application and instructions to incorporate the revisions to the Paycheck Protection Program (PPP) pursuant to the recently enacted Paycheck...more
This resource was prepared by Lowenstein Sandler for informational purposes only. It is not intended to give, and should not be relied upon for, legal advice in any particular circumstance or fact situation. Use of this...more
We have been sharing client alerts about the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) created by the CARES Act. Below are some frequently asked questions and answers with respect to the PPP...more
On Friday, June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) became law. The PPPFA amends certain provisions of the Paycheck Protection Program (PPP). Among other things, the PPPFA is largely aimed at...more
On Friday, June 5, 2020, President Trump signed the Paycheck Protection Program (PPP) Flexibility Act of 2020, which provides welcome relief to businesses with PPP loans by extending the period for borrowers to use PPP loan...more
On June 5, 2020, President Trump signed H.R. 7010 (the Bill), which the Senate had unanimously passed. The Bill amends several provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Paycheck...more
On June 5, 2020, President Trump signed into law H.R. 7010 – the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”). The PPPFA makes significant borrower favorable amendments to the Paycheck Protection Program...more
Certain provisions of the coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations, government guidance and other government action; thus, certain details regarding the...more