On April 6, 2020, the Small Business Administration (SBA), in consultation with the U.S. Department of Treasury, provided brief answers to frequently asked questions (FAQs) on the Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief and Economic Security Act (CARES Act).
To read the full text of this Alert, which highlights the further clarifications provided by the FAQs for borrowers working their way through the PPP, please visit the firm website.
(This is the fourth in a series on the impacts of the coronavirus on employment and the workplace. Read part one, part two and part three.)
Government and private sector businesses are moving so rapidly during the first week of the $2 trillion CARES Act, that we can already draw some lessons going forward. This is so especially for the $349 billion Paycheck Protection Program (PPP), the main vehicle rushing funds to small businesses to stem additional layoffs and permanent business closures.
To read the full text of this article by Duane Morris attorney Michael Bernick, with comments from Nanette Heide and Sandra Stoneman, please visit the firm website.
On April 3 2020, the SBA released an interim rule with additional guidance regarding the affiliate rules applicable to the SBA Paycheck Protection Program (PPP). The U.S. Department of Treasury also released interim guidance regarding the affiliation rules applicable to the PPP. As previously reported in our Alert, the program is intended to support small businesses, sole proprietors and independent contractors that have been disproportionately impacted by COVID-19.
To read the guidance and the four tests for affiliation, please review the interim rule from the SBA and the U.S. Treasury.
Duane Morris has created a COVID-19 Strategy Team to help organizations plan, respond to and address this fast-moving situation. Contact your Duane Morris attorney for more information. Prior Alerts on the topic are available on the team’s webpage.
If you have any questions about this Alert, please contact Nanette C. Heide, Sandra G. Stoneman, any member of the COVID-19 Strategy Team or the attorney in the firm with whom you are regularly in contact.
Much of the U.S. casino industry is currently ineligible to benefit from the Paycheck Protection Program portion of the newly enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act). The American Gaming Association issued a statement regarding the interim guidelines and is taking action to have these guidelines amended.
To read the full text of this Duane Morris Alert, please visit the firm website.
On April 3, 2020, the Paycheck Protection Program (PPP) application opens to borrowers. As previously reported in our Alert, the program is intended to support small businesses, sole proprietors and independent contractors that have been disproportionately impacted by COVID-19.
To read the full text of this Duane Morris Alert, please visit the firm website.
On the evening of March 31, 2020, the Small Business Administration (SBA) released the loan application for the Paycheck Protection Program (PPP) and an information sheet containing loan guidelines. This updates our prior Alert.
To read the full text of this Duane Morris Alert, please visit the firm website.
On the evening of March 25, 2020, the Senate approved the Coronavirus Aid, Relief and Economic Security Act legislation (CARES Act), providing over $2 trillion of relief designed to ease some of the economic hardship caused by the COVID-19 outbreak. This legislation still requires approval from both the House and president, which is expected over the next few days. The relief package is the largest in history and includes relief for businesses and individuals.
This Alert highlights the small-business section of the CARES Act and the creation of the Paycheck Protection Program, which provides cash flow and liquidity through loan opportunities for small businesses, sole proprietors and independent contractors across various industries. Additional detail will be provided as the Small Business Administration drafts implementing regulations, which is required to occur within 15 days once the CARES Act becomes effective.
To read the full text of this Duane Morris Alert, please visit the firm website.
