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.

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.

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. HeideSandra G. Stoneman, any member of the COVID-19 Strategy Team or the attorney in the firm with whom you are regularly in contact.

Update – Small Business Administration Simplifies Economic Injury Disaster Loan Application

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

The Small Business Administration’s Economic Injury Disaster Loan (EIDL) program continues to evolve rapidly. The SBA website now shows a simplified EIDL application process with a reduced number of forms that initially need to be submitted.

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

Small Business Administration Offers Economic Injury Disaster Loans

The U.S. Small Business Administration (SBA) is offering low-interest, long-term loans to small businesses in states and territories of up to $2 million each to provide assistance to businesses located in a declared disaster area as a result of the coronavirus (COVID-19) pandemic. These loans are called  “Economic Injury Disaster Loans” or EIDLs. These loans are intended to provide relief from substantial economic injury caused directly by the disaster to fund working capital needs and help small businesses survive until normal operations resume after a disaster.

To read the full text of this Duane Morris Alert, which reviews key “nuts and bolts” aspects of the application process for these loans, 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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