Additional Assistance Available: Certain SBA Loan Subsidies Under the CARES Act
The Bottom Line For small businesses impacted by COVID-19 looking for additional financial assistance, the CARES Act set aside $17 billion for the SBA to subsidize payments of principal, interest and fees for six months under certain existing and new SBA loans. Notably, this benefit does not apply Continue Reading
Paycheck Protection Program Flexibility Act of 2020
The Bottom Line The Paycheck Protection Program Flexibility Act of 2020 (the PPP Flexibility Act) was enacted on June 5, 2020. The PPP Flexibility Act provides borrowers with additional flexibility in both the amount of time and the ways in which they are able to use their PPP loan Continue Reading
Latest Guidance on Paycheck Protection Program Loan Forgiveness
The Bottom Line The SBA released long awaited guidance on calculating PPP loan forgiveness and the related steps involved in the forgiveness application process. While the guidance does not answer every question, after reviewing the new guidance, borrowers will be in a much better position to make Continue Reading
The Paycheck Protection Program “Necessity Certification” — The Review, Safe Harbor and Potential Penalties
The Bottom Line Through its update to the FAQ, the SBA provided significantly clearer guidance on which PPP applications will be subject to further review and what the ramifications will be for borrowers who the SBA determines have not made the Necessity Certification in good faith.Any borrower Continue Reading
Paycheck Protection Program and Health Care Enhancement Act to Appropriate Additional Funds for Small Business Loans
The Bottom Line The President signed into law the Paycheck Protection Program and Health Care Enhancement Act (the PPPHCE Act), an approximately $484 economic stimulus package in response to the COVID-19 pandemic.The PPPHCE Act replenishes the funding for the Paycheck Protection Program (PPP) and Continue Reading
Paycheck Protection Program Update & Main Street Lending Program
D+G Memorandum: Coronavirus Aid, Relief and Economic Security Act (the CARES Act)
Coronavirus Aid, Relief and Economic Security Act: What You Need to Know
Update Since this alert was first published there have been updates to the Paycheck Protection Program addressing what the new program covers and how small businesses can participate. To review the latest information, please consult our COVID-19 Paycheck Protection Program Updates FAQs. The Continue Reading