Posted on June 17, 2020 by Mary Ellen Schill
Blog
On June 16 the SBA issued a revised Paycheck Protection Program (PPP) Loan Forgiveness Application along with updated instructions. The update in large part reflects the changes made to PPP by the Paycheck Protection Program Flexibility Act of 2020, enacted on June 5. The new form can be found here, and the new instructions can […]
Posted on May 27, 2020 by Mary Ellen Schill
Blog
As some Paycheck Protection Program loan borrowers approach the close of their eight week covered period (the period during which loan proceeds can be used for certain expenses and the corresponding loan amount can be forgiven), Congress is considering making significant changes to the program that would apply to existing loans and new PPP loans. […]
Posted on May 16, 2020 by Mary Ellen Schill
Blog
You’ve been waiting. We’ve been waiting. Another week went by with no meaningful guidance on the forgiveness provisions of the Paycheck Protection Program. What better time to issue it than a beautiful Friday evening! We now have the official Paycheck Protection Program Loan Forgiveness Application, and instructions. Not drafts, but the actual form and instructions […]
Posted on April 30, 2020 by Mary Ellen Schill
Blog
With a second round of Paycheck Protection Program (“PPP”) funding coming available last week, a large percentage of small businesses either have already received (or will soon receive) the proceeds of a PPP loan. At only one percent interest over two years, PPP loans present a great opportunity, but, obviously, businesses are most interested in […]
Posted on April 2, 2020 by Amy E. Ebeling
Blog
The SBA released the Interim Final Rule announcing more information on the Paycheck Protection Program. The Interim Final Rule provides some program clarifications, but also provides some program changes. Note, the applicable interest rate is now 1%. There is also more information on how to calculate payroll costs to determine the maximum loan amount including examples. […]
Posted on March 31, 2020 by Amy E. Ebeling
Blog
The SBA and Treasury moments ago released updated information on the new Paycheck Protection Program created by the CARES Act. The program is specifically designed to help small businesses (less than 500 employees) keep their workforce employed by providing an SBA guaranteed loan. The program also provides for forgiveness of the loan proceeds that are […]