News & Analysis as of

Required Documentation CARES Act

Schwabe, Williamson & Wyatt PC

First Draw PPP Loans $2 Million and Up and the PPP Necessity Questionnaires - Update

Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There...more

Schwabe, Williamson & Wyatt PC

Revised PPP Loan Forgiveness Applications and Guidance - Update #4

Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness ‎Applications and the detailed instructions for the revised and updated applications posted on May 24, 2021, ‎as well as...more

Schwabe, Williamson & Wyatt PC

10 Things to Know about Second Draw PPP Loans as Updated for the Economic Aid Act and the ARP Act - Update #5

On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more

Rivkin Radler LLP

Provider Relief Fund Audits Coming

Rivkin Radler LLP on

A February 15 article in Part B News, “Provider Relief Fund audits coming; pick your method and keep good records,” discussed the Provider Relief Fund (PRF) authorized under the Coronavirus Aid, Relief, and Economic Security...more

Schwabe, Williamson & Wyatt PC

What to Know about the Paycheck Protection Program, Round Two - Update

Unpacking the Economic Aid Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans (January 14, 2021) - Late on January 6, 2021, the Small Business...more

Schwabe, Williamson & Wyatt PC

Economic Aid Act: 10 Things to Know about Second Draw PPP Loans - Update #2

Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second Draw Rules”). These rules announced the implementation of section 311 of the Economic...more

Schwabe, Williamson & Wyatt PC

Updated Key Considerations for PPP Documentation under the Economic Aid Act

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

Schwabe, Williamson & Wyatt PC

The Lender’s Role in the PPP Loan Review Process - After the Economic Aid Act: An Updated Guide to the PPP Loan Forgiveness Review...

Lenders play a large role in the Paycheck Protection Program (“PPP”) loan forgiveness review and appeals process. The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act” or “PPP2...more

Schwabe, Williamson & Wyatt PC

Grounds for SBA Review, the SBA Loan Review Process, and Borrower Items - After the Economic Aid Act: An Updated Guide to the PPP...

There are a few things to keep in mind in regard to the Small Business Administration (the “SBA”) and the Paycheck Protection Program (“PPP”) loan forgiveness review process. Adding on to the initial PPP funding, the...more

Schwabe, Williamson & Wyatt PC

Initial Takeaways and Agency Guidance for the Latest PPP Updates - After the Economic Aid Act: An Updated Guide to the PPP Loan...

On January 19, 2021, the Small Business Administration (the “SBA”) in consultation with the Department of Treasury (“Treasury”) posted new forgiveness application forms and the Interim Final Rule on Loan Forgiveness...more

Schwabe, Williamson & Wyatt PC

What to Know about the Paycheck Protection Program, Round Two

Unpacking the Economic Aid Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans (January 14, 2021) - Late on January 6, 2021, the Small Business...more

Hinshaw & Culbertson LLP

SBA Issues FAQ on Questionnaires for PPP Loans in Excess of $2 Million

Hinshaw & Culbertson LLP on

In November 2020, the Small Business Administration (SBA) issued for comment two questionnaire forms, which would need to be provided by Paycheck Protection Program (PPP) lenders to PPP borrowers who, together with their...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

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 #3

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

Schwabe, Williamson & Wyatt PC

Why You May Want to Wait to File for PPP Loan Forgiveness and Other Tips - Update #3

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

Vinson & Elkins LLP

SBA Approval Not Required For Some “Change of Ownership” Transactions Involving Paycheck Protection Program Borrowers

Vinson & Elkins LLP on

On October 2, 2020, the Small Business Administration (“SBA”) released a Procedural Notice providing guidance to lenders about transactions involving recipients of Paycheck Protection Program (“PPP”) loans. Before the...more

Schwabe, Williamson & Wyatt PC

Key Considerations for PPP Documentation - Update #2

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

Fenwick & West LLP

The FDII Final Regulations Are Here: An Executive Summary and Observations

Fenwick & West LLP on

Treasury and the IRS released final section 250 regulations on July 9, 2020, primarily focused on the deduction for foreign-derived intangible income (FDII). The final regulations make significant revisions to the proposed...more

Arnall Golden Gregory LLP

PPP Update: SBA’s Loan Forgiveness Portal May be Coming Online, but Uncertainty Continues

Through the Paycheck Protection Program (“PPP”), which was authorized by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), banks certified as 7(a) lenders by the U.S. Small Business Administration (“SBA”)...more

Hinshaw & Culbertson LLP

SBA and Treasury Provide PPP Loan Forgiveness Applications

Last month, the U.S. Treasury and the Small Business Administration (SBA) released two Paycheck Protection Program (PPP) loan forgiveness applications. The first was a new EZ PPP loan forgiveness application with instructions...more

Schwabe, Williamson & Wyatt PC

Key Considerations for PPP Documentation - Update

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

Foster Garvey PC

Let the Good Times Roll – The SBA Issues Interim Final Rules on PPP Loan Forgiveness, Including Guidance on the Payment of Bonuses...

Foster Garvey PC on

On Friday, May 22, 2020, the Small Business Administration (“SBA”), in conjunction and consultation with the U.S. Department of the Treasury (“Treasury”), published an interim final rule (“IFR”) containing new guidance on the...more

Hinshaw & Culbertson LLP

SBA Releases PPP Loan Forgiveness Application

On May 15, 2020 the Small Business Administration (SBA) and the U.S. Department of the Treasury released a Paycheck Protection Program (PPP) Loan Forgiveness Application. Although the 11 page document clears up some issues,...more

Perkins Coie

SBA Releases PPP Loan Forgiveness Application and Implicit Guidance on Requirements for Loan Forgiveness

Perkins Coie on

On May 15, 2020, the Small Business Administration (SBA) released an application for loan forgiveness under the Paycheck Protection Program (PPP). A copy of the forgiveness application can be found here. Businesses that...more

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