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U.S. Treasury Federal Loans

Husch Blackwell LLP

PPP Loan Audits Could Affect Millions of Borrowers

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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

Nutter McClennen & Fish LLP

Nutter Bank Report: March 2023

President Recommends Regulatory Reforms to Address Recent Bank Failures - President Biden has issued a statement urging the federal banking agencies to adopt regulatory reforms that are meant to reduce the risk of future...more

Wiley Rein LLP

PPP Recipients Beware – Your Loan Forgiveness May Be a Credit Due Back to Government

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One of most significant aspects of the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was the “Paycheck Protection Program” (PPP). PPP, administered by the Small Business Administration (SBA), authorized...more

Brownstein Hyatt Farber Schreck

Treasury Announces Second Phase of Pandemic Relief for Tribal Governments

On Wednesday, June 30, the Department of the Treasury announced it will open up the second phase of distributions to tribal governments from the $20 billion tribal portion of the State and Local Fiscal Recovery Fund. This...more

Sheppard Mullin Richter & Hampton LLP

House Subcommittee Launches Investigation into FinTech Companies’ Role in Allegedly Fraudulent PPP Loans

The House Select Subcommittee on the Coronavirus Crisis recently announced an investigation into the role of four Fintech companies and partner banks in issuing allegedly fraudulent Paycheck Protection Program (PPP) loans. ...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses - UPDATED March 2021 #2

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On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

WilmerHale

Weekly COVID-19 Oversight & Enforcement Report - December 2020

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The Congressional Oversight Commission released its seventh report, which focuses on the Treasury and the Department of Defense’s $700 million loan to YRC Worldwide, Inc. The report is highly critical of the loan, noting that...more

Pullman & Comley, LLC

SBA and Treasury Provide Relief to Small Borrowers

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On October 8, 2020, the US Small Business Administration (SBA) issued another Interim Final Rule under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This Rule provides immediate relief in the form of a...more

Farrell Fritz, P.C.

Forget Congress: The IRS Needs To Reverse Course On The Deduction Of Business Expenses Paid With PPP Loan Proceeds

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Round Two- “Painful social lockdowns in Europe and some American states helped blunt the coronavirus. Now, amid a fitful reopening, the pandemic is once again surging.” So begins an article on the front page of last...more

BCLP

SBA Confirms Impact of PPP Flexibility Act on Outstanding Promissory Notes

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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

Williams Mullen

Mergers and Acquisitions with PPP or EIDL Borrowers: Considerations for Buyers, Sellers, and Lenders

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By now, most small business owners and their lenders are acutely aware of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted to provide emergency assistance and health care response for individuals...more

Williams Mullen

Williams Mullen's COVID-19 Comeback Plan: Preparing Today for Tomorrow's PPP Audit

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Part of the 2020 Business Solutions Series presented by by the Hampton Roads Alliance and Williams Mullen Charles E. “Chuck” James, Jr., co-chair of both the Firearms Industry Group and the White Collar & Investigations...more

Williams Mullen

[Webinar] The 2020 Business Solutions Series: Preparing Today for Tomorrow's PPP Audit - August 13th, 11:00 am - 11:30 am ET

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Join us for a Zoom webinar to help you prepare for Paycheck Protection Program (PPP) audits. Topics include: - Background on the PPP and evolving guidance - Treasury oversight and audits - Role of the Special...more

Burr & Forman

SBA Releases List of PPP Borrowers – Which Businesses Are Now Audit Targets?

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The SBA and the United States Treasury have now released a list of over 600,000 PPP loan borrowers who received PPP loans of $150,000 or more. This list includes the name of the borrowers, the general loan range of the PPP...more

Lowenstein Sandler LLP

FAQs on Pandemic-Related Issues for Small Businesses and Nonprofits

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This resource was prepared by Lowenstein Sandler for informational purposes only. It is not intended to give, and should not be relied upon for, legal advice in any particular circumstance or fact situation. Use of this...more

Seyfarth Shaw LLP

Main Street Lending Program Update: Federal Reserve Bank of Boston Releases Further Revised Main Street Loan Term Sheets and...

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As the Federal Reserve (the “Fed”) prepares to launch its Main Street Lending Program (the “Main Street Program”), it continues to refine program details and guidance, including based on feedback received from US banks and...more

Hutchison PLLC

Client Alert: The Paycheck Protection Program Flexibility Act - What You Need to Know

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On Friday, June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) became law. The PPPFA amends certain provisions of the Paycheck Protection Program (PPP). Among other things, the PPPFA is largely aimed at...more

Ballard Spahr LLP

UPDATED: Treasury Publishes FAQs – Coronavirus Relief Fund Payments for State, Local, and Tribal Governments

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The CARES Act was signed into law by President Trump on March 27, 2020. The CARES Act established a $150 billion Coronavirus Relief Fund (Fund), through which the U.S. Department of Treasury (Treasury) will make direct...more

Moore & Van Allen PLLC

Treasury Department Again Issues New Guidance on PPP Loan “Necessary to Support Ongoing Operations” Certification

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On April 23, 2020, the Treasury Department issued updated guidance (“FAQ 31”) regarding a confusing aspect of the CARES Act’s popular Payroll Protection Program (“PPP”). A day later, on April 24, 2020, the Treasury...more

Tarter Krinsky & Drogin LLP

Eligibility Requirements For Federal Reserve’s Main Street Lending Program

Federal Reserve Chairman Jerome Powell announced on May 19, 2020, before a Senate Committee that the Main Street Lending Program (Program) is anticipated to be launched around the end of May. Prospective borrowers should be...more

BCLP

Paycheck Protection Program Loan Forgiveness Application Answers Many Questions - But Not All

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The Small Business Administration’s (“SBA”) release of its official loan forgiveness application under the Paycheck Protection Program (“PPP,” Section 1102 of the CARES Act) answered a number of questions that borrowers and...more

Woods Rogers

PPP Loan Forgiveness Application

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This Article is based on information available as of May 18, 2020.  The information is subject to change as additional guidance is provided. The SBA has now published its PPP Loan Forgiveness Application (SBA Form 3508) which...more

Woods Rogers

Additional guidance from the SBA on "available liquidity" element of certifications for PPP Loans – Safe Harbor extended to May...

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Since the passage of the CARES Act and the SBA completing the first round of PP Loans, companies have been dealing with an ever changing set of guidelines interpreting the eligibility requirements for a PPP Loan and the...more

Smith Debnam Narron Drake Saintsing & Myers,...

SBA Establishes PPP Safe Harbor, Deadline Now May 18th

A key part of the federal government’s response to the COVID-19 pandemic and its associated economic fallout is the Paycheck Protection Program (“PPP”) loan program administered by the Small Business Administration (“SBA”)....more

Lathrop GPM

Paycheck Protection Program (PPP) update, with our own “Frequently Asked Questions”

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Anyone closely considering or utilizing the PPP has undoubtedly heard about the U.S. Small Business Administration’s (SBA’s) so-called “Frequently Asked Questions” (FAQs) that the agency has been issuing and updating on a...more

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