Tag Archives: Treasury Department

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.

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.

New Benefits Regulation in Response to COVID-19 Extends Timelines, Including Those Applicable to COBRA

On April 29, 2020, the Employee Benefits Security Administration, Department of Labor, Internal Revenue Service and Department of the Treasury together issued a joint final regulation extending certain time frames under the Employee Retirement Income Security Act and the Internal Revenue Code for group health plans, disability and other welfare plans, pension plans, and benefits and beneficiaries of these plans during the COVID-19 national emergency.

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

CARES Act 2.0 Shores Up COVID-19 Economic Relief Programs

On April 23, 2020, the United States House of Representatives passed the Paycheck Protection Program and Health Care Enhancement Act (CARES Act 2.0), which, among other provisions, replenishes the funding for the Payment Protection Program (PPP) established by the Coronavirus Aid, Relief and Economic Recovery Act (CARES Act). The United States Senate previously passed CARES Act 2.0, and the bill is expected to be signed into law by the president shortly.

In addition, the Treasury Department released further guidance on the eligibility of companies for access to other funding sources with respect to PPP loans and clarified the need for borrowers to review the certifications in the PPP loan application.

To read the full text of this Alert, which summarizes certain key aspects of CARES Act 2.0 and related guidance, please visit the firm website.

Department of Treasury Issues Guidance on Air Carrier Industry Assistance from CARES Act

On March 30, 2020, the U.S. Department of the Treasury issued guidance to air carriers for $32 billion in emergency relief grant aid for payroll outlined in the Coronavirus Aid, Relief and Economic Security Act (CARES Act), signed into law by the president on March 27, 2020. An additional $46 billion is authorized for loans from the Treasury under Section 4003(b) of the CARES Act. These grants and loans are dedicated to the airline industry.

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