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.
June 05, 2020On Wednesday evening, the U.S. Senate passed the Paycheck Protection Program Flexibility Act (the “Act”), which amends the CARES Act to provide businesses with greater flexibility in the use of PPP funds. President Trump signed the bill into law today, June 5. Below is a summary of the key changes.
May 23, 2020One week after issuing the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application, summarized here, the Small Business Administration (SBA) issued two interim final rules on May 22, 2020 addressing loan forgiveness, loan review procedures, and borrower and lender responsibilities.
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 18, 2020The U.S. Small Business Administration (SBA) published a new interim final rule on Monday, May 18, 2020, which addresses the question of whether U.S. companies must include employees of foreign affiliates for purposes of measuring their number of employees for program eligibility.
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 08, 2020By: Will Johnson, Perry MacLennan and Andreas White (Kingsley Napley)
May 06, 2020
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.