On June 17, the U.S. Small Business Administration (SBA), in consultation with the Treasury Department, released a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. The applications reflect changes to the PPP made by the Paycheck Protection Flexibility Act of… [Read More]

On Wednesday June 3, 2020, the U.S. Senate passed the House version of legislation amending the Paycheck Protection Program (PPP). The “Paycheck Protection Flexibility Act” (the “Bill”) will go to President Donald Trump, who is expected to sign it. The major feature of the Bill is the increase in the time allotted for PPP loan… [Read More]

On Friday, May 22, the Small Business Administration (SBA) released an Interim Final Rule (IFR) for the requirements of Loan Forgiveness under the CARES Act. Procedurally, the IFR is subject to public comment for 30 days before it can become final. The SBA has already released the Paycheck Protection Program (PPP) Loan Forgiveness Application (“Forgiveness… [Read More]

On Friday, May 22, the Small Business Administration (SBA) released the Interim Final Rule (IFR) for the requirements of Loan Forgiveness under the CARES Act. Procedurally, the IFR is subject to public comment for 30 days before it can become final. The SBA has already released the Paycheck Protection Program (PPP) Loan Forgiveness Application (“Forgiveness… [Read More]

On Friday, May 15th, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application. The Application can be found at https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf While the Application helps to clarify some of the definitions and documentation requirements, there are several issues which are still unanswered. Moreover, the Application itself raises certain other issues that… [Read More]

The first wave of PPP loans have been approved and funded and the second wave is in process. The loan funding started the clock on the eight-week measuring period for spending the funds. For borrowers, the focus should now be on the question of loan forgiveness. The rules surrounding the forgiveness process is still in… [Read More]

On March 18, 2020 President Trump signed the Families First Coronavirus Response Act (the “FFCRA” or “Families First Act”) which has provisions that became effective April 1, 2020 and applies to leave taken through December 31, 2020. The FFCRA provides Amendments to the Family and Medical Leave Act of 1993 and the Public Health Emergency… [Read More]

The Paycheck Protection Program (PPP) of the CARES Act is in the process of being implemented by banks. The process has been somewhat rocky for several reasons, including the different releases by the Treasury Department and the Small Business Administration, concerns by banks about the impact of existing banking statutes and the gaps in the… [Read More]

As referenced in our prior Blogs, the CARES Act was signed by the President on Friday, March 27, and is now law. The Act has numerous provisions, one of which is the Paycheck Protection Program (PPP). PPP will provide loans to businesses for payroll and certain other costs. However, payroll taxes are not included in… [Read More]

As referenced in our prior Blogs, the CARES Act was signed by the President on Friday and is now law. The Act has numerous provisions, one of which is the Paycheck Protection Program (PPP). PPP will provide loans to businesses for payroll and certain other costs. One of the most significant provisions of these loans… [Read More]