SBA Issues New Rules on PPP Loan Forgiveness and Loan Review Procedures
- Since the inception of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) nearly eight weeks ago, the Small Business Administration (SBA) has issued loans under the Paycheck Protection Program (PPP) that have helped thousands of businesses remain afloat during the COVID-19... ›
PPP Loan Forgiveness Application is Finally Here
By: Tina D. Reynolds, Damien C. Specht and Alissandra Young McCann
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... ›Are Foreign Employees Included in Calculating Size for PPP’s 500-Employee Size Standard? New Guidance Makes the Answer Unclear
By: Damien C. Specht, Tina D. Reynolds and Alissandra Young McCann
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... ›Is My Company’s PPP Loan “Necessary to Support Ongoing Operations?” What If I’m Wrong?
By: Tina D. Reynolds and Damien C. Specht
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... ›CARES SBA Loan Eligibility and Process (UPDATED)
By: Tina D. Reynolds and Damien C. Specht
(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... ›House Passes a $484 Billion Relief Package; Treasury and the SBA Release New Guidelines for PPP Loans
By: Tina D. Reynolds and Damien C. Specht
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),... ›SBA Overhauls the Disaster Loan Application Process in Response to the CARES Act
By: Damien C. Specht
During these uncertain times, small businesses have been pursuing both Paycheck Protection Program and SBA Economic Injury Disaster loans. Note, however, that Disaster loan applications submitted manually to the SBA prior to March 27 may require resubmission. After the passage of the CARES Act,... ›Treasury Department Issues Guidance (and Application) for Paycheck Protection Program Loans
By: Tina D. Reynolds and Damien C. Specht
On Tuesday afternoon, the Treasury Department released its guidance concerning the Paycheck Protection Program (PPP), which was authorized by Congress under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the PPP, qualified small businesses, eligible non‑profits, self-employed individuals, and independent contractors may... ›SBA’s Long-Awaited Implementation of the Runway Extension Act Is Finally Here
By: Damien C. Specht and Alissandra Young McCann
For many small business government contractors, the winter holidays came early on December 5, 2019, when the Small Business Administration (“SBA”) issued its final rule adjusting its regulations on the calculation of average annual receipts in small business size determinations for revenue-based size standards.... ›MoFo Webinar: Navigating Small Business and Disadvantaged Business Opportunities
By: Damien C. Specht and Alissandra Young McCann
On Wednesday, September 18, 1-2:30PM ET, MoFo partner Damien Specht and associate Ali Young will present a Clear Law Institute webinar titled “Navigating Small Business and Disadvantaged Business Opportunities.” The Federal Government gives many opportunities to small businesses, granting them more than $100 billion... ›