Tag Archives: PPP

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 Procedural Notice for Businesses Undergoing Changes in Ownership

On October 2, 2020, the Small Business Administration (SBA) released a procedural notice that details the steps that Paycheck Protection Program (PPP) loan borrowers and lenders must take when a borrower is engaging in a transaction in which a change in ownership will occur.

To read the full text of this Duane Morris Alert, which summarizes the key points from the notice and the actions that a PPP loan borrower should take (and a purchaser or investor should ensure the borrower takes) in an M&A transaction, please visit the firm website.

Small Business Administration Releases New Interim Final Rule on Paycheck Protection Program Loan Forgiveness

On August 24, 2020, the Treasury Department and Small Business Administration (SBA) released a new interim final rule on certain aspects of the loan forgiveness process for Paycheck Protection Program (PPP) loans.

To read the full text of this Duane Morris Alert, 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.

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

Congress Extends Paycheck Protection Program Deadline to August 8

On July 1, 2020, the United States Congress passed an extension of the deadline for Paycheck Protection Program (PPP) loans made under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and Paycheck Protection Program Flexibility Act.

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

Small Business Administration Releases Revised Eligibility Rules for Paycheck Protection Program

On June 24, 2020, the Treasury Department and Small Business Administration released an interim final rule updating eligibility criteria for Paycheck Protection Program (PPP) loans made under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and the Paycheck Protection Program Flexibility Act.

The June 24 interim final rule loosens the eligibility criteria that applied to owners of 20 percent or more of a PPP loan borrower’s equity, specifically concerning the criminal histories of such owners. In addition, the June 24 interim final rule confirms certain other eligibility criteria that will remain in place.

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

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.

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

Congress Passes Paycheck Protection Program Flexibility Act to Revise Key Components of Paycheck Protection Program

The Paycheck Protection Program Flexibility Act (PPP Flexibility Act), which changes some of the components of the Paycheck Protection Program (PPP) provided under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), was passed by the House of Representatives on May 28, 2020, and by the Senate on June 3, 2020. The PPP Flexibility Act is expected to be signed into law soon.

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

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.

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.