On June 22, 2020, the Small Business Administration (SBA) released additional revisions to existing interim final rules related to the Paycheck Protection Program (PPP) (click here to read). This most recent interim final rule is one of several rulings issued to date in response to the recently enacted Paycheck Protection Program Flexibility Act (PPPFA). The...
Last week, the Small Business Administration (SBA) revised the existing forms and instructions to be used by borrowers to request forgiveness under the Paycheck Protection Program (PPP). Additionally, the SBA released a new “EZ” application available to certain borrowers. The updated PPP loan forgiveness application reflects changes to the PPP made by the recently enacted...
SBA Revises Third and Sixth Interim Final Rules On June 16, 2020, the Small Business Administration (SBA) released revisions to its third and sixth interim final rules on the Paycheck Protection Program (PPP) (click here to read). This most recent interim final rule is the second of several anticipated rulings in response to the...
On June 11, 2020, the Small Business Administration (SBA) released revisions to its initial interim final rule on the Paycheck Protection Program (PPP) (click here to read). Thursday’s interim final rule is in response to the Paycheck Protection Program Flexibility Act (PPPFA) signed into law on June 5th. The PPPFA made a number of amendments...
On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This bill is pending approval of the President. Upon approval, this new legislation would make key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and would revise how loan recipients would be required to allocate the money....
The Small Business Administration (SBA) released two new interim final rules on Friday May 22nd. The first comes on the heels of the PPP Loan Forgiveness Application released one week prior and provides some additional guidance regarding PPP loan forgiveness (click here to read). The second outlines the procedures the SBA will use to review...
On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. Click here to view the loan forgiveness application and instructions in full. The...
On May 13, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Increases. This is a new interim final rule allowing for an increase in the amount of loan for which partnerships and seasonal employers are eligible. Let’s back...
On May 14, the Small Business Administration (SBA) added FAQ #47, where the SBA is extending the repayment date to May 18, 2020 for safe harbor consideration. SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the loan in full will be deemed...
On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). Specifically, FAQ #46 addresses the following question: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” One of the requirements when submitting a PPP loan application is a self-certification by the...