SBA Releases Rules on PPP Loans in Connection with December 2020 COVID-19 Relief Bill

On January 6, 2021, the Small Business Administration (SBA) released a new interim final rule in connection with the December 2020 omnibus spending bill (the December relief bill) that contained, among other items, significant revisions and additions to the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief and Economic Security Act (CARES Act), and previously amended by the Paycheck Protection Program Flexibility Act (PPP Flexibility Act).

To read the full text of this Duane Morris Alert, please visit the firm website.

Small Business Administration Releases New Interim Final Rule on PPP Loan Forgiveness

On October 8, 2020, the Small Business Administration (SBA) released a new interim final rule detailing additional revisions to the Paycheck Protection Program (PPP) loan forgiveness process and loan review procedures. In addition, the SBA released Question 52 to its Frequently Asked Questions (FAQs) document on October 7, 2020, which addresses the deferral period for borrower payments of principal, interest and fees.

To read the full text of this Duane Morris Alert, which summarizes the key points from the interim final rule and the update to the FAQs, please visit the firm website.

Small Business Administration Releases Guidance on the Appeals Process for Paycheck Protection Program Loans

On August 11, 2020, the Treasury Department and Small Business Administration (SBA) released an interim final rule that details the appeals process for Paycheck Protection Program (PPP) loan borrowers for SBA loan review decisions regarding eligibility and/or forgiveness of a PPP loan. The interim final rule builds upon prior guidance released by the SBA on the review process for lenders and the SBA of PPP loans.

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Small Business Administration Releases Rules Following Paycheck Protection Program Flexibility Act

On June 11, 2020, the Treasury Department and Small Business Administration (SBA) released a new interim final rule, which revises the earlier interim final rule released on April 2, 2020, and incorporates revisions to the Paycheck Protection Program (PPP) under the Paycheck Protection Program Flexibility Act signed into law on June 5, 2020.

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SBA Releases New Interim Final Rule on Review Procedures and Borrower and Lender Responsibilities for Paycheck Protection Program Loans

On May 22, 2020, the Treasury Department and Small Business Administration (SBA) released a new interim final rule on the SBA’s process for reviewing Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The May 22 interim final rule sets forth procedures relevant to both PPP loan borrowers and lenders in the context of review and audits of PPP loans.

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Small Business Administration Releases Interim Final Rule on Counting Foreign Affiliate Employees under the Paycheck Protection Program

Paycheck Protection Program loan borrowers for application of the 500-employee limit provided under the Coronavirus Aid, Relief and Economic Security Act. The interim final rule provides a safe harbor for applications submitted prior to May 5, 2020, that did not include non-U.S. resident employees in the headcount determination, notwithstanding the prior guidance that was issued requiring that they be included.

To read the full text of this Duane Morris Alert, which discusses the interim final rule and its impact on businesses with foreign affiliates, please visit the firm website.