Tag: SBA

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SBA’s Interim Final Rule Clarifies Paycheck Protection Program Loan Eligibility Requirements

On April 14, 2020, the Small Business Administration (SBA) released an additional interim final rule applicable to Paycheck Protection Program (PPP) loans. The interim final rule covers eligibility criteria for self-employed individuals and partnerships, as well as clarifications for businesses affiliated with a PPP lender and businesses operating in the legal gaming industry. However, many of the concepts addressed in the interim final rule are also applicable to all loan applicants and the use of PPP loans in general. Note: Although the PPP funds have run out, Congress is discussing adding more money.

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

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Small Business Administration Updates Interim Regulatory Guidelines to Help Certain Gaming Companies

On April 14, 2020, the Small Business Administration (SBA) issued revised interim regulatory guidelines for the Paycheck Protection Program (PPP). The revisions provide, in relevant part, that certain companies which derive revenues from legal gaming activities are eligible for PPP loans and are not automatically ineligible as previously thought pursuant to the interim regulatory guidelines released on April 2, 2020, and discussed in our previous Alert.

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

Posted on by Duane Morris

SBA and Treasury Release FAQs on Paycheck Protection Program Loans

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.

Posted on by Duane Morris

Countering Layoffs, Lessons From The First Week Of The CARES Act

(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.

Posted on by Duane Morris

Affiliation Rules Applicable to U.S. Small Business Administration Paycheck Protection Program

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.

About Duane Morris

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.

For Further Information

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.

Posted on by Duane Morris

Interim Regulatory Guidelines Preclude Gaming Businesses from Receiving Support Under the CARES Act Paycheck Protection Program

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.

Posted on by Duane Morris

CARES Act Offers Small Businesses Relief Through Paycheck Protection Program

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.

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The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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