PODCAST: Williams Mullen's Benefits Companion - DOL’s Guidance on Continued COVID-19 Timeframe Relief
PODCAST: Williams Mullen's Benefits Companion - COVID-19 Edition - Deadline Extensions Impacting HIPAA, COBRA and ERISA
What's Next for the Paycheck Protection Program? by Lindsey Berwick and John Wittenberg
On May 30, 2024, the U.S. Small Business Administration (SBA) Administrator issued a program update to firms participating in the Women Owned Small Business Federal Contract Program (WOSB Program)....more
The U.S. Small Business Administration (SBA) announced on Aug. 21, 2023, that it was extending its moratorium on the application of the "bona fide office" requirements for construction contracts under its 8(a) Business...more
Under an Interim Final Rule issued recently by the SBA, PPP loan borrowers receiving an adverse decision from the SBA in respect of the borrower’s loan forgiveness application, can now defer making payments of principal and...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized a refundable tax credit important to many employers struggling as a result of the COVID-19 pandemic. This credit, known as the Employee Retention...more
UPDATED, APRIL 5, 2021: On March 30, 2021, President Biden signed the PPP Extension Act of 2021 into law extending the Paycheck Protection Program from March 31, 2021, to June 30, 2021. However, the SBA may not accept new...more
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021. The new law gives qualifying businesses and...more
Congress has extended the date by which Paycheck Protection Program (PPP) loan applications can be made to May 31 by passing the PPP Extension Act of 2021. Prior to enactment, the application deadline for First Draw PPP loans...more
On November 23, 2020, we posted about the legal deductibility of expenses paid in 2020 with funds borrowed through PPP (Paycheck Protection Program) loans guaranteed by the government and subject to discharge as debts once it...more
On March 11, 2021, President Joe Biden signed H.R. 1319, the American Rescue Plan Act of 2021, into law. The $1.9 trillion COVID-19 relief bill, which passed in the U.S. Senate by a narrow 50-49 vote on March 6 and in the...more
On January 13, 2021, the Small Business Administration (SBA) issued an interim final rule to, among other things, amend § 124.2 of its regulations to incorporate the optional program term extension for small business concerns...more
In an effort to achieve an agreement before the expiration of many of the CARES Act1 economic relief measures, on December 21, 2020, the U.S. Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more
On October 7, 2020, the Small Business Administration and Treasury Department updated their Frequently Asked Questions on the Paycheck Protection Program with FAQ 52. As reflected in the question, the PPP Flexibility Act made...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
With the Term Asset-Backed Securities Loan Facility program (“TALF 2.0”) officially underway and open to investors, the Federal Reserve Bank of New York (the “FRBNY”) continues to modify the program, most recently granting an...more
The Small Business Administration’s Paycheck Protection Program has provided forgivable loans to businesses designed to maintain employment levels by covering payroll and other expenses during the COVID-19 crisis. While many...more
On July 4, 2020, President Trump signed into law a bill passed by the U.S. Congress that extends the application deadline for the Paycheck Protection Program (PPP) from June 30, 2020 to August 8, 2020. The extension of the...more
Eligible businesses will have an additional five weeks to apply for Paycheck Protection Program (“PPP”) loans, after President Trump signed a bill on July 4, 2020, extending the application deadline to August 8, 2020. The...more
Act extending authority for commitments for the Paycheck Protection Program (“PPP”) through August 8, 2020. The original commitment had expired on June 30, 2020...more
While the deadline to apply for a Paycheck Protection Program (PPP) loan has passed, an August 8th extension is en route to President Trump for his signature. Since the program's implementation in April, the Small Business...more
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
Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more
The Small Business Administration (SBA) has released an updated Loan Forgiveness Application and instructions to incorporate the revisions to the Paycheck Protection Program (PPP) pursuant to the recently enacted Paycheck...more
On June 11, the Small Business Administration (SBA) and the Treasury Department published important guidance that the revised 60% condition under the Paycheck Protection Program Flexibility Act will be applied...more