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New PPP Legislation Improves Borrower Flexibility – Senate Committee Insists on Disclosure of PPP...
The National Law Review· 25 minutes agoOn June 5, 2020, President Donald Trump signed into law a bill, the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010), that will give borrowers of the US$670 billion PPP more time ...
SBA Issues Fresh Guidance and Streamlined Forgiveness Application
The National Law Review· 4 days agoOn June 16, the Small Business Administration released an updated PPP Loan Forgiveness Application (SBA Form 3508) and a simplified version ...
COVID-19: PPP Loan Forgiveness Application Released
The National Law Review· 1 day agoFor the basic requirements regarding loan forgiveness, please click here to view our alert on that topic. Despite the critical importance of forgiveness ...
U.S. Seeks to Collect on Up to $20 Billion in Delinquent Covid Loans
The Wall Street Journal· 2 weeks agoOne challenge: The SBA says it uses the information on loan applications to communicate with...
Inside the CARES Act: COVID-19 Loan Forgiveness Relief—a Section 1106 Primer
The National Law Review· 6 days agoSection 1106 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides loan forgiveness for certain qualifying Small Business Administration ...
Current PPP Borrowers: What Do I Need to Know about the Economic Aid Act?
The National Law Review· 7 days agoIn addition, on December 9, 2020, the SBA issued additional guidance (FAQ 53) associated with its review of loan forgiveness applications ...
Computational Framework for Determining Number of Employees for Eligibility, Qualifying Loan Amount...
The National Law Review· 6 days agoThe below Computational Framework equips PPP applicants with detailed guidance on calculating (i) the total number of employees for eligibility, (ii) the maximum loan amount ...
Health Emergency Preparedness Task Force: COVID-19 Economic Stimulus
The National Law Review· 2 weeks agoOn May 22, the Small Business Administration and the Treasury Department released its latest guidance in the form of two interim final rules on loan forgiveness< ...
For the Unwary, Paycheck Protection Program May Create False Claims Act Liability
The National Law Review· 2 weeks agoAs explained here, a borrower could obtain a loan equal to the lesser of $10 million or the sum of its average monthly payroll costs for 2.5 months, (reduced to the extent ...
Major Changes Coming To PPP With Paycheck Protection Flexibility Act
The National Law Review· 2 weeks agoWhile the Act is designed to provide borrowers with options to maximize the benefits of the PPP loans, the PPFA will likely require significant overhaul of recently-issued SBA