News & Analysis as of

Small Business CARES Act

Locke Lord LLP

Too Much of a Good Thing: Congress Allows Increased Subchapter 5 Eligibility Level to Expire

Locke Lord LLP on

Over the past few years, one of the universally celebrated success stories in the bankruptcy and restructuring world has been Subchapter V of the Bankruptcy Code. Created by the Small Business Reorganization Act of 2019 (the...more

Levenfeld Pearlstein, LLC

Congress Considers Another Extension to the Subchapter V $7.5 Million Debt Limit

On February 19, 2020, Congress enacted the Small Business Reorganization Act (“SBRA”) to, among other things, streamline the chapter 11 bankruptcy process for a small business by creating subchapter V of the Bankruptcy Code....more

McDermott Will & Emery

The PPP Turns Four: Lessons Learned and What Lies Ahead

McDermott Will & Emery on

Four years ago this month, lenders began dispersing Paycheck Protection Program (PPP) loans to small businesses in what would become the largest Small Business Administration (SBA) lending program in history. The SBA approved...more

BakerHostetler

What’s the Damage? - The FTC Cracks Down on False Promises of PPP Loans

BakerHostetler on

Note: The March 25 version of this article has been updated. The other day, the FTC announced settlements with two different companies that allegedly made false promises to small businesses that their companies could help...more

Dinsmore & Shohl LLP

PPP Loan Investigations and Prosecutions are on the Rise

Dinsmore & Shohl LLP on

In recent months, a number of agencies, including the Federal Bureau of Investigation (“FBI”), have been working diligently to identify businesses and individuals who committed alleged fraud through the Paycheck Protection...more

Miller Canfield

Debt Limit to Qualify for Subchapter V and Chapter 13 Set to Revert This Summer

Miller Canfield on

In 2022, Congress passed the Bankruptcy Threshold Adjustment and Technical Corrections Act (the “Act”), raising the debt limits for bankruptcy cases under the Small Business Reorganization Act (“SBRA,” a.k.a. “Subchapter V”)...more

Bradley Arant Boult Cummings LLP

PPP and Pandemic Fraud Recoveries Significant for DOJ in FY 2023

The Department of Justice (DOJ) recently announced that it obtained more than $2.68 billion in False Claims Act (FCA) settlements and judgments in the fiscal year ending September 23, 2023. DOJ reports that “matters that...more

Buckingham, Doolittle & Burroughs, LLC

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more

Buchalter

PPP Lender Liability, Enforcement, & Fintech Challenges

Buchalter on

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

Harris Beach PLLC

Fraud Investigations into COVID-Era PPP and EIDL Loans Increasing

Harris Beach PLLC on

The Department of Justice continues to have its task forces throughout the U.S. investigate and prosecute fraudulent use of funds from the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs...more

Ballard Spahr LLP

FinCEN Issues Alert on COVID-19 Employee Retention Tax Credit Fraud

Ballard Spahr LLP on

On November 22, 2023, the Financial Crimes Enforcement Network (“FinCEN”), in close coordination with the Internal Revenue Service (“IRS”) Criminal Investigation (“CI”), issued an alert (“Alert”) regarding the COVID-19...more

Dickinson Wright

IRS Orders Immediate Stop to New Employee Retention Credit Claims and Announces Future Settlement Program

Dickinson Wright on

The Employee Retention Tax Credit (“ERC”), enacted as a part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), is a fully refundable tax credit for employers, which is up to $26,000 per eligible...more

Lippes Mathias LLP

The Rise and Fall of the Paycheck Protection Program

Lippes Mathias LLP on

The Long-Term Effects Felt by Lenders Nationwide. As a result of the United States government instituting the Paycheck Protection Program (“PPP”), companies nationwide have defaulted on hundreds of thousands of PPP loans,...more

Foley & Lardner LLP

Cos. Should Heed IRS Warnings About Employee Tax Credit

Foley & Lardner LLP on

For most businesses, turning the calendar to 2023 meant putting the pandemic and any of its tax-related effects further in the rearview mirror. One notable exception, however, is the employee retention credit, or ERC,...more

McDermott Will & Emery

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

McDermott Will & Emery on

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

Polsinelli

Screening Failures Caused PPP Fraud

Polsinelli on

On December 1, 2022, the House Select Subcommittee on the Coronavirus Crisis released a staff report describing the poor performance of the financial technology companies that took a prominent role in administering the...more

Spilman Thomas & Battle, PLLC

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

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

Kohrman Jackson & Krantz LLP

Beware of ERC Free Money Claims

If you have been listening to talk radio lately, you may have heard, on numerous occasions, the latest come-on for small business cash assistance. Most of these advertisements claim your small business can receive up to...more

Adams and Reese LLP

More Businesses Now Eligible for Employee Retention Credit (ERC) – Do You Qualify?

Adams and Reese LLP on

What is the ERC? Congress introduced the Employee Retention Credit (ERC) as part of the CARES Act to encourage businesses to keep employees on their payroll during the pandemic. ...more

Bass, Berry & Sims PLC

PPP Enforcement Actions Gather Steam

The Paycheck Protection Program (PPP) was intended to provide a fast influx of assistance to small businesses during the economic shock created by the COVID-19 pandemic. The speed with which loans were distributed to...more

Adams and Reese LLP

Eligibility for CARES Act ERC Program Worth a Second Look for Many Small Businesses

Adams and Reese LLP on

The Employee Retention Credit (ERC), established by Congress in the CARES Act in March 2020, is for businesses subject to closure due to COVID-19. ERC is a refundable payroll tax credit that eligible employers may claim for...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

Venable LLP

Businesses Affected by COVID-19 in 2020 or 2021 Can Still Claim Tax Credits

Venable LLP on

While many businesses have already taken advantage of the opportunities available to them under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent COVID‑19 relief legislation, there are still...more

Lowenstein Sandler LLP

Senate’s Bankruptcy Threshold Adjustment and Technical Corrections Act Retains $7.5 Million Eligibility for Subchapter V Small...

The Small Business Reorganization Act (SBRA) went into effect on Feb. 19, 2020, creating Subchapter V of the Bankruptcy Code. Acknowledging that a bankruptcy proceeding is not “one size fits all” and that a Chapter 11...more

Womble Bond Dickinson

Sun Sets on Increased Subchapter V Debt Limit for Now

Womble Bond Dickinson on

A key bankruptcy-related response to the pandemic has ended as the increased debt limits under subchapter V of chapter 11, passed by Congress in the CARES Act, have expired. In an effort to provide bankruptcy relief and...more

1,351 Results
 / 
View per page
Page: of 55

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide