small business – Page 3 – Coronavirus (COVID-19)

May 6, 2020August 31, 2020 by Duane Morris

SBA Extends Safe Harbor Date for Repayment of Paycheck Protection Program Loans and Clarifies Rules for Counting Employees of Foreign and U.S. Affiliates

On May 5, 2020, the Treasury Department released an updated FAQ sheet that extends the safe harbor date to May 14, 2020, for any Paycheck Protection Program (PPP) loan borrower that determines it does not meet the need certification and repays the loan in full. The same day, the Small Business Administration issued an interim final rule addressing determination of employee headcount and nondiscrimination laws applicable to PPP loan recipients.

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

May 5, 2020August 31, 2020 by Duane Morris

Small Business Administration Opens Economic Injury Disaster Loan Applications to Agricultural Businesses

On May 4, 2020, the Small Business Administration (SBA) resumed accepting Economic Injury Disaster Loan (EIDL) applications from eligible “agricultural enterprises” with 500 or fewer employees on a limited basis in order to provide relief to U.S. agricultural businesses. This updates our prior Alert.

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

April 28, 2020August 31, 2020 by Duane Morris

Efforts to Obtain Covid-19 Financial Assistance

In an April 28th letter authored by the American Trade Association for Cannabis and Hemp (ATACH) and the Policy Center for Public Health and Safety, 24 state-level cannabis trade associations from across the country called on Congress to end the Small Business Administration’s exclusion of cannabis businesses from COVID-19 federal funding relief.

To read the full text of this post by Duane Morris partner David Landau, please visit the Duane Morris Cannabis Industry Blog.

April 27, 2020August 31, 2020 by Duane Morris

New COVID-19 Relief Opportunities for the Agricultural Industry

With the enactment of the Paycheck Protection Program and Health Care Enhancement Act (CARES Act 2.0), agricultural businesses and farmers previously excluded from the Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program are now eligible for EIDL grants and loans. Additionally, the U.S. Department of Agriculture’s newly announced Coronavirus Food Assistance Program (CFAP) offers aid to farms and certain livestock producers through direct payments and bulk purchases.

To read the full text of this Alert, which provides a brief overview of these new aid programs for the agricultural industry, please visit the firm website.

April 24, 2020August 31, 2020 by Duane Morris

SBA Updates Interim Regulatory Guidelines to Greatly Expand Accessibility of Paycheck Protection Program Loans to Gaming Businesses

On April 24, 2020, the casino industry received some much-needed good news from the Small Business Administration (SBA). Specifically, the SBA issued revised regulatory guidelines for the CARES Act’s Paycheck Protection Program (PPP) that now make PPP loans available to small gaming businesses previously precluded from the program because of restrictions on gambling-based revenue, but otherwise met the eligibility requirements.

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

April 23, 2020August 31, 2020 by Duane Morris

Duane Morris Joins Massachusetts COVID Relief Coalition for Small Businesses and Nonprofits

Duane Morris LLP has joined the COVID Relief Coalition for Small Businesses and Nonprofits, a Massachusetts coalition of law firms, nonprofits and government agencies providing pro bono legal support, access to emergency loans and other sources of relief to small businesses and nonprofits impacted the COVID-19 pandemic.

To read the full text of this press release, 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.

April 17, 2020August 31, 2020 by Duane Morris

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.

April 15, 2020September 1, 2020 by Duane Morris

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.

April 14, 2020August 31, 2020 by Duane Morris

Update: Small Business Administration Expands Its FAQs on Paycheck Protection Program

Note: This is an update to our previous Alert on this subject.

The SBA continues to clarify aspects of the Paycheck Protection Program. Effective on April 13, the SBA updated the original FAQs from April 3 to add question numbers 19 to 25.

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