Posted on October 9, 2020 by Mary Ellen Schill
Blog
Today by Interim Rule the Treasury Department and Small Business Administration jointly made it much easier for some Paycheck Protection Program (“PPP”) loan borrowers to get forgiveness for their loans. If the PPP loan amount is $50,000 or less, the borrower can get full forgiveness to the extent that the loan proceeds were used for […]
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 14, 2020 by Mary Ellen Schill
Blog
On May 5th, the U.S. Department of the Treasury (Treasury) extended the PPP loan repayment safe harbor from May 7th to May 14th. In FAQ #47 the Treasury just announced it has extended the deadline once again—this time to May 18th. This extension is intended to give borrowers additional time to consider the SBA’s repayment […]
Posted on May 13, 2020 by Amy E. Ebeling
Blog
The US Department of Treasury released FAQ #46 this morning providing guidance on “how will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request.” Any borrower, together with its affiliates, that received PPP loans with an original amount of less than $2 million will be deemed to have made the required […]
Posted on May 6, 2020 by Mary Ellen Schill
Blog
In FAQ #43, Treasury announced it has extended the PPP loan repayment safe harbor to May 14, 2020 (from the original May 7, 2020 deadline). This extension is presumably in recognition of the fact that additional guidance is necessary regarding the borrower’s certification that “current economic uncertainty makes this loan request necessary to support the […]
Posted on May 4, 2020 by Amy E. Ebeling
Blog
Over the weekend, the Department of Treasury issued an update to their PPP FAQs. Question #40 clarifies that an employer’s forgiveness amount under PPP will not be impacted if the employer attempts to rehire a previously laid off employee and the employee refuses the offer to be rehired. The offer from the employer must be […]
Posted on May 1, 2020 by Mary Ellen Schill
Blog
The Department of Treasury released updated Protection Program FAQs. These updated FAQs continue to raise more questions and concerns from PPP borrowers and provide little clarity on SBA expectations and forgiveness. Published on April 28th, FAQ #37 responds to the question “Do businesses owned by private companies with adequate sources of liquidity to support the […]
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 3, 2020 by Amy E. Ebeling
Blog
An updated PPP application has been released and it is our understanding that this updated application is the ONLY application that will be accepted by lending institutions. The updated form can be accessed here. The PPP loan is also FIRST COME, FIRST SERVE so submit your applications as soon as possible beginning today, April 3rd, 2020. We […]
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. […]