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Safe Harbors Federal Loans

Ballard Spahr LLP

IRS Guidance Provides COVID-19 Relief for Participants Taking Retirement Plan Distributions and Loans

Ballard Spahr LLP on

The IRS has released Notice 2020-50, which provides guidance to employers that have amended their retirement plans to take advantage of provisions under the CARES Act that provide access to special plan distributions, known...more

Stinson - Benefits Notes Blog

IRS Issues Additional Guidance on Coronavirus-Related Distributions and Plan Loans under CARES Act

On Friday, June 19, 2020, the IRS released Notice 2020-50 which provides additional guidance regarding the coronavirus-related distributions (“CRDs”) and coronavirus-related loans and loan repayment delays (“CR Loan Relief”)...more

Groom Law Group, Chartered

IRS Issues Anticipated CARES Act Guidance On Plan Loans and Distributions

On June 19, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-50, which provides clarity to plan administrators and participants on coronavirus-related loans and distributions following the passage of the...more

Lowenstein Sandler LLP

Latest Update on the Paycheck Protection Program Flexibility Act of 2020

Lowenstein Sandler LLP on

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

Foodman CPAs & Advisors

PPP Safe Harbor is meant to promote economic certainty for PPP borrowers with limited resources

On May 13, 2020, the U.S. Treasury published PAYCHECK PROTECTION PROGRAM LOANS Frequently Asked Question (FAQ 46). It addresses SBA review of a borrower’s required good-faith certification concerning the necessity of a loan...more

Lewitt Hackman

Update re Major Changes to Loan Forgiveness Rules Under the Paycheck Protection Program

Lewitt Hackman on

On March 27, 2020, Congress passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which is an approximately $2 trillion stimulus and economic relief package. ...more

Rumberger | Kirk

CARES Act Update: Paycheck Protection Program Flexibility Act Provides Additional Relief for Small Businesses

Rumberger | Kirk on

Congress passed new legislation to extend and relax the loan forgiveness requirements of the Paycheck Protection Program (“PPP”), the federal aid program established by the CARES Act for small businesses affected by the...more

Pierce Atwood LLP

COVID-19: SBA Updates PPP Rule to Implement New Flexibility Provisions

Pierce Atwood LLP on

On June 11, 2020, the Small Business Administration (SBA) released a revised interim final rule to implement changes made by the Paycheck Protection Program (PPP) Flexibility Act. ...more

Neal, Gerber & Eisenberg LLP

Paycheck Protection Program Flexibility Act and Other Updates to the Paycheck Protection Program

On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (“PPPFA”).  The PPPFA amends the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic...more

FordHarrison

Payroll Protection Program Update : Documenting Compliance with Agency Requirements and Guidance to Qualify for the Business...

FordHarrison on

The CARES Act created the Paycheck Protection Program (“PPP”), which amended the Small Business Act (“SBA”) to provide short term loans to companies with fewer than 500 employees and other companies (such as those in the...more

Schwabe, Williamson & Wyatt PC

Latest PPPFA Statement Offers Some Clarity

On June 8, 2020, the SBA Administrator and the Secretary of the Treasury issued a joint statement regarding changes effected by the recently-enacted Paycheck Protection Program Flexibility Act (PPPFA). In that statement, they...more

Foodman CPAs & Advisors

PPP Loan Borrowers will need Assistance when Applying for Forgiveness of their PPP Loans

On 4/15/20, the SBA and the U.S. Department of the Treasury released an application form for Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form. ...more

Nossaman LLP

PPP and Loan Forgiveness: Latest Guidance and Changes Under the PPP Flexibility Act

Nossaman LLP on

Since the Paycheck Protection Program (“PPP”) was implemented under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), borrowers have sought clarity from the Small Business Administration (“SBA”) about the...more

Nossaman LLP

Will Your PPP Loan Be Reviewed by the SBA? - The Latest Guidance

Nossaman LLP on

Since its implementation under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), there has been a lot of attention on the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”). Both...more

McNees Wallace & Nurick LLC

New Legislation Eases “PPP” Loan Forgiveness Restrictions

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). As the name suggests, the Flexibility Act provides PPP loan borrowers (“Borrowers”) with...more

Cozen O'Connor

Additional Clarification of Paycheck Protection Program Changes

Cozen O'Connor on

The Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which became law on June 5, made significant changes in the Paycheck Protection Program (PPP)....more

Rosenberg Martin Greenberg LLP

Paycheck Protection Program Loans – Loan Forgiveness Made Easier

On Friday, June 5, the President signed into law the Paycheck Protection Program Flexibility Act (the “Act”).  Originally enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March...more

Morgan Lewis - ML Benefits

Employers May Continue to Defer Payroll Taxes Even After Paycheck Protection Loan Forgiveness

US President Donald Trump signed the Paycheck Protection Program Flexibility Act of 2020 (the Act) on June 5, modifying certain provisions related to the forgiveness of loans under the Paycheck Protection Program (PPP). ...more

Franczek P.C.

Paycheck Protection Program Flexibility Act Provides PPP Loan Recipients Much Needed Relief

Franczek P.C. on

The Paycheck Protection Program (PPP) represented a lifeline to many businesses struggling to stay afloat amid the Coronavirus pandemic by providing forgivable loans to businesses to cover payroll and certain non-payroll...more

Stinson LLP

New Law Makes Major Changes to the Paycheck Protection Program

Stinson LLP on

The Paycheck Protection Program Flexibility Act of 2020, H.R. 7010 (PPPFA) recently passed by Congress and signed by the president on June 5, 2020 makes significant changes to the Paycheck Protection Program (PPP) in an...more

Downs Rachlin Martin PLLC

Flexibility Act Guidance and Modified PPP Applications to Retain Partial Forgiveness

Significantly, the statement confirms that partial forgiveness will remain available even if a borrower does not spend at least 60% of its forgiveness amount on payroll costs. ...more

Troutman Pepper

President Signs Legislation With Substantial Changes To PPP Loan Forgiveness Into Law

Troutman Pepper on

Lingering questions pertaining to loan forgiveness, a key feature under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security Act (the CARES...more

Best Best & Krieger LLP

Paycheck Protection Program Flexibility Act Makes Big Changes to COVID-19 Paycheck Protection Program

Loan Forgiveness Requirements Among the Changes - The Paycheck Protection Program Flexibility Act, signed into law by the President Friday, was enacted in response to criticism that the original Paycheck Protection Program...more

Cozen O'Connor

Major Changes in the Paycheck Protection Program

Cozen O'Connor on

The Paycheck Protection Program Flexibility Act of 2020 (the Flexibility Act) was signed into law Friday. The Flexibility Act makes significant changes in the Paycheck Protection Program (PPP) originally adopted as part of...more

Epstein Becker & Green

More Flexibility Added to the Paycheck Protection Program

On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “Act”), which relaxes various rules under the Coronavirus Aid, Relief, and Economic Security Act’s (the...more

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