Topic Archives: Small Business

June 30, 2020Coronavirus, Small Business

SBA’s Implementation of the Paycheck Protection Program Flexibility Act in Wave of New Rules and Application Forms

As we previously reported, the Paycheck Protection Program Flexibility Act (“PPP Flexibility Act”) became law earlier this month, introducing numerous changes to the Paycheck Protection Program (PPP).  The PPP, which is part of the CARES Act,[1] provides aid to qualifying small businesses in the form of loans with terms favorable to borrowers, including, in particular, ...›

June 4, 2020Small Business

SBA Issues New Certification Regulations for Women-Owned Small Businesses

Starting July 15, 2020, a new certification process is being implemented for Women-Owned Small Businesses (“WOSBs”) and Economically Disadvantaged WOSBs (“EDWOSBs”) competing for U.S. federal set-aside, sole source, and multiple award contracts. The Small Business Administration (“SBA”), which is responsible for oversight of these programs, recently updated certification requirements in a long‑awaited final rule. The ...›

May 19, 2020Coronavirus, Small Business

PPP Loan Forgiveness Application is Finally Here

During these uncertain economic times, the Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP) have been a critical lifeline for many small businesses trying to weather the COVID-19 pandemic.  The PPP, which we have written about previously, is part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).  One of ...›

Are Foreign Employees Included in Calculating Size for PPP’s 500-Employee Size Standard? New Guidance Makes the Answer Unclear

Updated May 18, 2020 As many companies are likely aware by now, Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP) provide aid to qualifying small businesses in the form of loans with terms favorable to borrowers, including, in particular, provisions that allow potentially the entire loan amount to be forgiven if the ...›

May 6, 2020Coronavirus, Small Business

Is My Company’s PPP Loan “Necessary to Support Ongoing Operations?” What If I’m Wrong?

This post has been updated on May 6, 2020 with new safe harbor deadline for repayment of PPP loans. Given the proliferation of adverse news articles and TV pundit segments about well-funded companies that have received federal, Small Business Administration (SBA) loans under the Paycheck Protection Program (PPP), it is important to separate what guidance ...›

May 5, 2020Coronavirus, Small Business

CARES SBA Loan Eligibility and Process (UPDATED)

(This post has been updated on May 5, 2020) The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) allows certain eligible companies and individuals to obtain loans of up to $10 million or 2.5 times the average monthly payroll costs over the last year, whichever is less, from the Small Business Administration (“SBA”). ...›

April 27, 2020Coronavirus, Small Business

House Passes a $484 Billion Relief Package; Treasury and the SBA Release New Guidelines for PPP Loans

On Thursday, April 23, 2020, the U.S. House of Representatives voted in favor of the $484 billion relief package that passed in the Senate earlier this week. Once signed into law, the legislation will revive the Small Business Administration (SBA) Paycheck Protection Program (PPP), which had its initial $349 billion in appropriated funding exhausted just ...›