News & Analysis as of September 23, 2024

Small Business Administration › Loan Forgiveness

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The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA carries out its mission through a variety of programs including providing financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities and armed forces veterans. less -

PPP Loan Audits Could Affect Millions of Borrowers

Husch Blackwell LLP on 4/16/2024

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

PPP Lender Liability, Enforcement, & Fintech Challenges

Buchalter on 12/29/2023

The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly...more

CARES Act appeals: Key steps in addressing denials and repayments

Health Care Compliance Association (HCCA) on 12/14/2023

With the onset of the COVID-19 pandemic, Congress initiated several programs to help businesses weather the difficult economic conditions. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided two of these...more

SBA PPP Loan Concerns Linger for Small Businesses

McDermott Will & Emery on 11/27/2023

Many small businesses continue to face uncertainty over whether the Small Business Administration (SBA) will grant forgiveness of their Paycheck Protection Program (PPP) loans. Despite the vast majority of small businesses...more

PPP Loan Appeals, SBA Clawbacks and More: What You Need to Know

McDermott Will & Emery on 2/22/2023

Last year, we published an article titled “What to Do if Your PPP Forgiveness Application Is Denied.” Today, we share some insights into the Paycheck Protection Program (PPP) and appeals process based on our representation of...more

The Continued Importance of PPP Appeals

Epstein Becker & Green on 12/15/2022

A recent analysis of data released by the United States Small Business Administration (“SBA”) suggests that the vast majority of Paycheck Protection Program (“PPP”) loans extended to small businesses during the COVID-19...more

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 10

Spilman Thomas & Battle, PLLC on 11/1/2022

Virtually All PPP Loans have been Forgiven with Limited Scrutiny - "More than two years later, the overwhelming majority of these loans have transformed into government grants, as 91% have been either fully or partially...more

IRS Setting Up to Crackdown on Improperly Forgiven PPP Loans

Obermayer Rebmann Maxwell & Hippel LLP on 10/10/2022

The IRS recently released a news bulletin highlighting the Chief Counsel Advice (CCA 202237010) that was issued to address whether a taxpayer whose paycheck protection program (PPP) loan was forgiven even though that...more

Litigation Client Alert – PPP Litigation/Enforcement Risks Await

Kaufman & Canoles on 9/21/2022

It has taken a while, but the start of litigation against financial institutions, which made the Paycheck Protection Program (PPP) loans, has begun. Government/regulatory inquiries will follow. Is your business ready? ...more

Borrower/Lender Disagreements in PPP Loan Forgiveness Applications

Epstein Becker & Green on 5/26/2022

As we wrote recently, the Paycheck Protection Program (“PPP”) was critical in helping small businesses stay afloat amidst the COVID-19 pandemic and resultant government restrictions on commerce. By now, most borrowers know...more

Latest PPP Fraud Settlement Showcases Civil and Criminal Penalties for Knowingly Submitting False Claims

Dorsey & Whitney LLP on 4/28/2022

The Department of Justice (“DOJ”) continues racking up more settlement agreements under the False Claims Act, 31 U.S.C. § 3729 et seq (“FCA”) with companies and individuals alleged to have improperly used funds received...more

Prosecution Of NY Lender Marks Shift In PPP Enforcement

Bradley Arant Boult Cummings LLP on 4/20/2022

Until recently government enforcement and regulatory scrutiny of fraud and other misconduct relating to COVID-19 relief programs were generally limited to end recipients of the relief. These efforts have mostly been...more

Navigating PPP Loan Forgiveness Audits

Venable LLP on 3/23/2022

The Small Business Administration (SBA) is auditing Paycheck Protection Program (PPP) loan forgiveness applications for both First Draw and Second Draw PPP loans, including for nonprofit organizations that received loans. As...more

Unprecedented: COVID-19 Litigation Insights, Volume 3, Issue 3

Spilman Thomas & Battle, PLLC on 3/7/2022

Early Covid-19 Disability Ruling Offers Blueprint for Lawsuits - "The Montgomery, Ala.-based court is one of the first tribunals to weigh in on the issue." - Why this is important: As we enter into the third year of...more

Nutter Bank Report: February 2022

Nutter McClennen & Fish LLP on 2/28/2022

Federal Court Rejects Challenges to FDIC’s and OCC’s “Valid When Made” Rules A federal court in two separate but related cases has rejected challenges to the FDIC’s and the OCC’s respective regulations that codified the...more

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

Schwabe, Williamson & Wyatt PC on 2/28/2022

Updated February 24, 2022 - Update: On January 27, 2022, the Small Business Administration (“SBA”) issued SBA Procedural Notice 5000-82766, SBA Loan Reviews of Paycheck Protection Program Lender Partial Approval...more

What to Know About PPP Appeals and Next Steps - After the Economic Aid Act: An Updated Guide, ‎Part 4 - Update

Schwabe, Williamson & Wyatt PC on 2/25/2022

Update: On January 27, 2022, the Small Business Administration (“SBA”) issued SBA Procedural Notice 5000-82766, SBA Loan Reviews of Paycheck Protection Program Lender Partial Approval Forgiveness Decisions (“2022 Notice”)...more

What to Do if Your PPP Forgiveness Application Is Denied

McDermott Will & Emery on 2/18/2022

The Small Business Administration’s (SBA) public data indicates that more than 98% of the total Paycheck Protection Program (PPP) loan value requested to be forgiven by borrowers has been forgiven by the SBA (approximately...more

Succeeding in PPP Appeals

Epstein Becker & Green on 2/11/2022

The Paycheck Protection Program (“PPP”) was critical in helping small businesses stay afloat amidst the COVID-19 pandemic and resultant government restrictions on all manner of commerce. Now, as more businesses have applied...more

PPP Loan Fall-Out: Expect More Audits and Investigations

PilieroMazza PLLC on 1/28/2022

Unfortunately, the PPP Loan fall-out is far from over. As we noted in the last blog on PPP issues, we are seeing a number of PPP Forgiveness denials for a number of different reasons, and, along with that, we are seeing the...more

PPP Loan Forgiveness Appeal Process: 4 Steps to Knowing and Protecting Your Rights

PilieroMazza PLLC on 1/13/2022

As discussed in PilieroMazza’s previous alert, the Small Business Administration (SBA) released its Paycheck Protection Program (PPP) Loan Forgiveness application way back in May of 2020. Since then, PPP forgiveness...more

PPP Appeal Process Overview

Bradley Arant Boult Cummings LLP on 1/11/2022

In 2022, there will inevitably be an uptick in the number of appeals of Small Business Administration (SBA) loan decisions in the Paycheck Protection Program (PPP) context. This is due simply to the passage of time, to the...more

In extremis — PPP Money Is Not “Free” So Applicants & Recipients Need to Beware

Cozen O'Connor on 12/8/2021

As most of the population is aware, to try and preserve the economy and businesses viable during the COVID-19 pandemic, congress passed the CARES Act. That bill included the Payroll Protection Program (PPP), in which small...more

What to Know About PPP Appeals and Next Steps - After the Economic Aid Act: An Updated Guide to the PPP Loan Forgiveness Review...

Schwabe, Williamson & Wyatt PC on 11/16/2021

Update: On September 16, 2021, the Final Rule on Borrower Appeals of Final SBA Loan Review Decisions was posted and became effective on September 14, 2021 (the “Final Rule”). The Final Rule applies to all appealable final SBA...more

Act Fast: Companies Whose PPP Loan Forgiveness Applications Are Denied Have Recourse, but Must Move Swiftly

Fox Rothschild LLP on 11/12/2021

One of the most attractive aspects of the Paycheck Protection Program loans that were included in the 2020 Coronavirus Aid, Relief and Economic Security Act (CARES Act) was an employer’s ability to apply to have its loan...more

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Small Business Administration › Loan Forgiveness

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