June 23, 2020Following the adoption of the Paycheck Protection Program Flexibility Act (PPP Flexibility Act), the Small Business Administration (SBA) has released a revised loan forgiveness application, a simplified loan forgiveness application for certain borrowers and instructions to both applications.
May 22, 2020
Haynsworth Sinkler Boyd’s Will Johnson provided an overview of the Small Business Administration’s Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions during a webinar with the SC Chamber of Commerce on May 21, 2020.
May 16, 2020The Small Business Administration issued the long-awaited Paycheck Protection Program Loan Forgiveness Application (the “Application”) together with instructions (the “Instructions”), on May 15, 2020.
May 16, 2020The Small Business Administration issued the long-awaited Paycheck Protection Program Loan Forgiveness Application (the “Application”), together with instructions (the “Instructions”), on May 15, 2020.
May 13, 2020
The Treasury Department has released an update to its FAQs on the Paycheck Protection Program on the morning of May 13, 2020 to address the good-faith certification issue.
May 06, 2020
By: Will Johnson and Perry MacLennan
Late on Tuesday, May 5, 2020, the US Treasury Department extended the deadline for a safe harbor repayment of PPP loan funding from May 7 to May 14 and promised additional guidance on how the Small Business Administration will review the good-faith “necessity” certification prior to that time.
April 22, 2020The United States Senate passed a bill on Tuesday, April 21, to increase the $349 billion cap under the Paycheck Protection Program (PPP). The “Paycheck Protection Program and Health Care Enhancement Act” would add another $310 billion in funding to the PPP, increasing the total amount to $659 billion.
April 14, 2020By Will Johnson and Perry MacLennan
April 02, 2020The Small Business Administration (SBA) issued an interim final rule on Thursday, April 2, to facilitate implementation of the Paycheck Protection Program, one of the hallmarks of the CARES Act signed into law on Friday, March 30.
March 31, 2020On March 6, Congress signed into law the Coronavirus Preparedness and Response Supplemental Appropriations Act. The act declared the coronavirus (COVID-19) outbreak a disaster under the Small Business Act, therefore opening the door for the SBA to use its lending authority to make economic injury disaster loans (EIDLs) for small businesses impacted by the pandemic. On March 19, the SBA certified the entire state of South Carolina as an eligible area.