Nonprofit Quick Tip: State Filings in Kentucky and Tennessee
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
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
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
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
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
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
Since inception, the Paycheck Protection Program (the “PPP”) under sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act has undergone numerous and material refinements by the Small Business...more
On Friday, October 9, 2020, the Small Business Administration (“SBA”) released guidelines for a simpler loan forgiveness process for Borrowers with Paycheck Protection Program loans of $50,000 or less[1], and a new and much...more
No. PPP borrowers of any size may use Form 3508EZ, assuming they otherwise meet the eligibility requirements of that form. This is a first in what we anticipate to be a series of posts regarding questions about the...more
The Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”) become law on Friday, June 5, 2020, modifying critical provisions of the CARES Act and the Interim Final Rules implementing the CARES Act, adopted by the Small...more
This Article is based on information available as of June 18, 2020. The information is subject to change as additional guidance is provided. In mid-May the SBA published the PPP Loan Forgiveness Application (SBA Form 3508)....more
The Paycheck Protection Program Flexibility Act (Flexibility Act), which became effective June 5, significantly changed key elements of the Paycheck Protection Program (PPP), as discussed in Cozen O’Connor’s Alerts posted on...more
The SBA just released new revised loan forgiveness application forms integrating changes from the PPP Flexibility Act. The form is largely the same with some specific changes highlighted here....more