News & Analysis as of

Paycheck Protection Program (PPP) Small Business Administration Financial Stimulus

PilieroMazza PLLC

PPP Loans Under the Microscope: False Claims Act and Enforcement Trends

PilieroMazza PLLC on

While the COVID-19 pandemic may feel like a distant memory for many, its effects continue to reverberate for others—particularly for businesses that obtained loans through the Paycheck Protection Program (PPP). Whether...more

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

K&L Gates LLP

Up Next: Lenders May Be the Next Government Focus for PPP Fraud

K&L Gates LLP on

INTRODUCTION - On 24 January 2023, the Board of Governors of the Federal Reserve System (the FRB) announced it entered into a consent order (Consent Order) with a member bank imposing an approximately US$2.3 million civil...more

PilieroMazza PLLC

Fraud Allegations Could Bedevil Borrowers in SBA COVID-19 Relief Programs for Many Years

PilieroMazza PLLC on

As everyone who has been tracking the COVID-19 relief programs since 2020 knows, at the outset there was massive confusion about the programs’ requirements as well as fear that funding could run out before businesses with...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses -UPDATED April 2021 #1

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

Stoel Rives LLP

COVID Relief Update: This Week at the SBA

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This week has seen three significant developments relating to Small Business Administration (“SBA”) programs designed to help businesses weather the lingering impacts of COVID-19....more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs for Nonprofits - UPDATED March #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

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

McDermott Will & Emery

Congressional Investigations during the 117th Congress: What to Expect

McDermott Will & Emery on

Although control and leadership of the US House of Representatives did not change hands as a result of the 2020 elections, President Joe Biden’s victory and the Democrats’ Senate runoff victories in Georgia are already having...more

Brownstein Hyatt Farber Schreck

House Passes PPP Extension Act of 2021

On March 16, the House passed 415-13 H.R. 1799, the PPP Extension Act of 2021. The bill would extend the Paycheck Protection Program (PPP) loan application deadline to May 31 from March 31 and give the Small Business...more

Brownstein Hyatt Farber Schreck

House to Vote on PPP Extension

With the Paycheck Protection Program (PPP) set to expire on March 31, lawmakers have struck a deal to extend the program for two months through the end of May. Leaders of the House Small Business Committee, Chair Nydia...more

PilieroMazza PLLC

SBA Takes Steps to Address PPP Validation Error Problems

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On February 10, 2021, the Small Business Administration (SBA) announced new policy changes to the Paycheck Protection Program (PPP) meant to address an ongoing issue loan applicants face regarding validation error codes....more

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #8

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

Miller Canfield

SBA Reopens Portal for PPP Round Two Applications; Quick Action Recommended

Miller Canfield on

The SBA, in consultation with the Department of Treasury, has announced that it is reopening its portal for first draw and second draw PPP applications to all eligible PPP lenders today, January 19, 2021. The portal had...more

Holland & Knight LLP

Economic Aid Act Provides Second Draw PPP Loans

Holland & Knight LLP on

The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act), which was included in the Consolidated Appropriations Act, 2021, was signed into law on Dec. 27, 2020. The U.S. Small Business...more

Tucker Arensberg, P.C.

Interim Final Rules and Application Released for Second Draw PPP Loans

Tucker Arensberg, P.C. on

On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) (Pub. L. 116-260) into law to provide continued assistance to individuals and...more

Katten Muchin Rosenman LLP

PPP 2 LOANS —A Second Opportunity for Eligible Businesses to Obtain Forgivable Loans

This advisory summarizes the terms, eligibility and application requirements of the new Payment Protection Program loan (PPP 2 Loans) under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, which...more

Seyfarth Shaw LLP

Policy Matters Newsletter – January 2021

Seyfarth Shaw LLP on

Before we dive into this week's stimulus-focused update, we here at the PMN are excited to announce the new Policy Matters Podcast. Policy issues often have long term widespread and pervasive impact on businesses. Not only...more

Benesch

Updated Summary on Paycheck Protection Program (PPP) Round 2

Benesch on

On January 6, 2021, the SBA issued more detailed guidance on the implementation of Paycheck Protection Program (PPP) round 2. The biggest upshot from the SBA’s releases are that except for a limited set of changes (which are...more

Genova Burns LLC

Paycheck Protection Program: More Clarifying Rules, Second Draws and a New Application Form

Genova Burns LLC on

On January 6, 2021, the Small Business Association ("SBA") and the Treasury Department released interim final rules for the Paycheck Protection Program (“PPP”) Second Draw Program, which was created as part of the stimulus...more

Dentons

PPP Loan Applications Reopen January 11

Dentons on

The Small Business Administration and Department of the Treasury announced plans to reopen Paycheck Protection Program loan applications starting with community financial institutions on Monday, January 11. The bill...more

Miles & Stockbridge P.C.

Small Business Administration Issues Initial Guidance Covering New Rules for First and Second Draw Loans in the Paycheck...

On December 27, 2020, the Consolidated Appropriations Act, 2021 (the “Appropriations Act”), was signed into law following weeks of negotiations by members of Congress and Executive branch officials. The Appropriations Act...more

Miller Canfield

Foreign-Owned Company Eligibility for PPP 2.0 Loans

Miller Canfield on

Certain foreign-owned or controlled U.S. businesses are eligible to apply for potentially forgivable loans under the second round of the Paycheck Protection Program ("PPP") included in the recently enacted Economic Aid to...more

PilieroMazza PLLC

SBA Provides Direction for PPP Round Deux Loans and Second Draw Loans

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On January 6, 2021, the Small Business Administration (SBA) issued its first round of formal guidance for the new Paycheck Protection Program (PPP) and the second-draw PPP loans, which we first discussed here. SBA also gave...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

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