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.
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.
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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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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.
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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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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.
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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.
It did not take long. On April 3, 2020, the Small Business Administration began accepting applications for companies to participate in the Paycheck Protection Program (“PPP”). By early May, the first criminal charges began to roll in. The most attention-getting of these was filed against Maurice Fayne, better known as “Arkansas Mo” from the VH1 reality television show “Love & Hip Hop: Atlanta.”
To read the full post by Duane Morris attorney Brett Feldman, please visit the Duane Morris White-Collar Criminal Law Blog.
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.
On May 13, 2020, the Treasury Department and Small Business Administration (SBA) released Question 46 of the FAQ sheet, which addresses how the SBA will review the need certification required for Paycheck Protection Program (PPP) loans.
To read the full text of this Duane Morris Alert, please visit the firm website.
