News & Analysis as of

Paycheck Protection Program (PPP) SBA Lending Programs Borrowers

J.S. Held

Current Enforcement Efforts in the Battle Against COVID-19 Loan Program Fraud

J.S. Held on

The COVID-19 pandemic caused unprecedented impacts around the world including stay-at-home orders, curfews, quarantines, and economic uncertainty. Businesses across the United States were forced to close their doors, limit...more

Ballard Spahr LLP

Overturning of Chevron Boosts Challenges to SBA PPP Loan Forgiveness Denials

Ballard Spahr LLP on

The U.S. Supreme Court’s recent overturning of the Chevron Deference Doctrine calls into question several Chevron-based federal court rulings allowing the Small Business Administration (SBA) to exclude many categories of...more

Husch Blackwell LLP

PPP Loan Audits Could Affect Millions of Borrowers

Husch Blackwell LLP on

In March 2020 during the height of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law establishing, among other things, the Payment Protection Program (PPP) administered...more

Miller & Martin PLLC

Loss Mitigation Strategies for Commercial Creditors

Miller & Martin PLLC on

It seems that every few years, we experience an unprecedented event that significantly affects the world. From a once-in-a-generation recession to a once-in-a-century pandemic, trade creditors and inventory lenders constantly...more

Holland & Knight LLP

Lenders and Borrowers Beware: EIDL Fraud Alert

Holland & Knight LLP on

Holland & Knight has learned through customary deal due diligence that some borrowers – especially those who received a Paycheck Protection Program (PPP) loan through the U.S. Small Business Administration (SBA) – may have...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

Rosenberg Martin Greenberg LLP

Economic Aid Act – PPP Loan Update

What is the Economic Aid Act? The Economic Aid Act, among other things, reauthorizes lending under the Paycheck Protection Program (PPP) through March 31, 2021, modifies provisions related to making PPP loans and...more

Kelley Drye & Warren LLP

PPP Redux: What’s New for 2021 in the SBA Loan Program

On December 27, 2020, the Consolidated Appropriations Act, 2021 (“the Act”), was signed into law. The new law both funded the U.S. government for the remainder of FY 2021 and made available a wide range of COVID-19 relief...more

Wilson Sonsini Goodrich & Rosati

New Legislation Updates COVID-19-Related Tax Benefits and Credits

On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (the Act), which updates several previously enacted tax benefits and credits passed in response to COVID-19. In a much-anticipated change,...more

Bass, Berry & Sims PLC

COVID-19 Relief Bill – Extends Paycheck Protection Program and Creates Second Draw Loan Program

Bass, Berry & Sims PLC on

On December 21, the United States Congress passed the Consolidated Appropriations Act, 2021, to fund annual appropriations and, through its “Additional Coronavirus Response and Relief” provisions, to supply a second round of...more

Ward and Smith, P.A.

Approved COVID-19 Relief Bill: What Small Businesses Need to Know about PPP

Ward and Smith, P.A. on

On December 27, 2020, President Trump approved a $900 billion COVID-19 relief bill. In it, Congress appropriates funds to help small businesses, nonprofits, and venues that continue to be hit hard by the impact of COVID-19...more

Schwabe, Williamson & Wyatt PC

Highlights of PPP Loan Items in the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and 2021 Consolidated...

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “PPP2 Act”) is contained in the Consolidated Appropriations Act, 2021 (“2021 Appropriations Act”), a $900 billion, nearly 5,600-page bill passed...more

Perkins Coie

Another Round of PPP Loans Approved by Congress, With Yet Additional Changes to the Program

Perkins Coie on

The U.S. Senate and House of Representatives, on December 21, 2020, approved H.R. 133, referred to as the “Consolidated Appropriations Act, 2021.” This advances to the president legislation to provide appropriations for 2021...more

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #5

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

Levenfeld Pearlstein, LLC

SBA Addresses Economic Necessity Certification in Draft PPP Questionnaires for Certain Borrowers

The SBA recently released draft questionnaires for Paycheck Protection Program (PPP) borrowers with loans above $2 million. The draft questionnaire addresses the economic necessity certification that has caused heartburn for...more

Hinshaw & Culbertson LLP

SBA Questionnaires Increase Scrutiny for PPP Loans Over $2M

Hinshaw & Culbertson LLP on

The Small Business Administration (SBA) is seeking comments on two forms of questionnaires: Form 3509 (Loan Necessity Questionnaire for For-Profit Borrowers) and Form 3510 (Loan Necessity Questionnaire for Non-Profit...more

Troutman Pepper Locke

Saving Our Small Businesses – Considerations for Lenders upon the Default or Bankruptcy of a Paycheck Protection Program Borrower

Troutman Pepper Locke on

With the goal of providing financial relief to companies impacted by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) amended the Small Business Act to allow the Small Business...more

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #4

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

Schwabe, Williamson & Wyatt PC

Key Considerations for PPP Documentation - Update #4

Borrowers under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) are required to either maintain or submit to lenders and the SBA certain documentation associated with their application for and...more

Burr & Forman

SBA Requires Borrowers Who Received PPP Loans of $2 Million or More to Submit “Pre-Audit Review” Information

Burr & Forman on

On October 31, 2020, the SBA released new forms and related instructions requiring borrowers with PPP loans of $2 million or more to provide additional information related to their PPP loans. Titled “Loan Necessity...more

Parker Poe Adams & Bernstein LLP

SBA Reveals Questionnaires Aimed at Auditing Necessity of Large Paycheck Protection Program Loans

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

Rosenberg Martin Greenberg LLP

SBA Gathering Info on "Economic Uncertainty": What Form 3509 May Mean for Borrowers in the Paycheck Protection Program

The U.S. Small Business Administration (“SBA”) recently released additional details relevant to those participating in the Paycheck Protection Program (“PPP”).  In particular, on October 26, 2020, the SBA posted a notice...more

Nossaman LLP

PPP Loans and Changes of Ownership: Considerations for M&A Transactions

Nossaman LLP on

The Small Business Administration (“SBA”) has issued long-awaited rules governing lender and borrower obligations when there is a change in ownership of an entity that has received a Paycheck Protection Program (“PPP”) loan....more

Greenbaum, Rowe, Smith & Davis LLP

Paycheck Protection Program Update: SBA Streamlines Forgiveness Application for PPP Loans Under $50K, Confirms Deferral Period for...

The Small Business Administration (SBA) has provided additional guidance in connection with the forgiveness of loans issued under the Paycheck Protection Program (PPP).    In an Interim Final Rule, the SBA has provided a...more

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #2

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

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