News

On Friday June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”), which makes a number of significant changes to the Paycheck Protection Program (PPP)  and eliminates the prohibition on employment tax deferral for PPP loan borrowers, as further described below. A copy of the PPP Flexibility Act can be... read more

On Friday May 22, 2020, the U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury contemporaneously issued two interim final rules with respect to the Paycheck Protection Program (PPP).  The first rule relates to forgiveness of PPP loans (SBA PPP Forgiveness Rule), and the second rule relates to the SBA’s process for reviewing PPP loan applications and loan... read more

On May 16, 2020, the U.S. Small Business Administration (SBA) issued the Paycheck Protection Program Loan Forgiveness Application (PPP Forgiveness Application) to be used by borrowers to apply for forgiveness of their Paycheck Protection Program (PPP) loans.   A copy of the new PPP Forgiveness Application can be obtained by clicking here. The PPP Forgiveness Application... read more

The U.S. Small Business Administration (“SBA”), in consultation with the U.S. Department of the Treasury, has extended the safe harbor repayment date to May 18, 2020. On May 13, 2020, the SBA added FAQ # 47 to frequently asked questions by lenders and borrowers regarding the PPP (the “SBA PPP FAQs”), which provides as follows: Question: An SBA interim final rule... read more

Section 1102(a) of the CARES Act requires that all borrowers, in applying for a PPP loan, make a good faith certification “that the uncertainty of current economic conditions makes necessary the loan request to support the ongoing operations” of the borrower (the “Certification of Necessity”). Today the U.S. Small Business Administration (“SBA”), in... read more