loan forgiveness – Coronavirus (COVID-19)

October 14, 2020October 14, 2020 by Duane Morris

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.

August 20, 2020August 31, 2020 by Duane Morris

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.

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

May 26, 2020August 31, 2020 by Duane Morris

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.

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

May 19, 2020August 31, 2020 by Duane Morris

SBA Releases Paycheck Protection Program Loan Forgiveness Application

On May 15, 2020, the Treasury Department and Small Business Administration released the Loan Forgiveness Application for the Paycheck Protection Program. Borrowers are required to complete the application and submit it to their lenders in order to apply for loan forgiveness. This Alert discusses the Loan Forgiveness Application, as well as some clarifications regarding the rules for loan forgiveness contained within the application.

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

May 15, 2020August 31, 2020 by Duane Morris

How to Maximize Paycheck Protection Loan Forgiveness

Receiving Paycheck Protection Program (PPP) loan proceeds? If so, we hope it provides much needed cash during these uncertain times. Now what?

In this Alert, we summarize the loan forgiveness rules and provide steps you should consider taking over the eight-week period from the point you received the PPP proceeds in order to ensure maximum forgiveness of your loan.

To read the full text, please visit the firm website.

April 21, 2020August 31, 2020 by Duane Morris

Paycheck Protection Program Loan Forgiveness Update

Now that the Small Business Administration (SBA) has funded the first wave of Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), borrowers need to be mindful of the PPP use-of-proceeds requirements for forgiveness and the penalties for the unauthorized use of proceeds.

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