As states continue to limit business activities in an effort to flatten the curve, there has been a steady increase in insureds filing lawsuits against insurance carriers for loss of business income caused in some form or another by the Coronavirus. As we’ve previously discussed, many cases that have been filed allege that their
General Business
SBA Issues Frequently Asked Questions Regarding Paycheck Protection Program Loans
Posted in General Business
On April 6th, the Small Business Administration (“SBA”), in consultation with the Treasury Department, released Frequently Asked Questions (“FAQs”) designed to address borrower and lender questions around the implementation of the Paycheck Protection Program (the “PPP”) under the CARES Act. The FAQs indicate that borrowers and lenders may rely on this document as…
SBA Issues Additional Guidance on Affiliation Rules
Posted in General Business
In connection with the relief being offered to small businesses as a result of the impact of COVID-19, the CARES Act has modified certain provisions of the Small Business Administration’s (“SBA”) size and affiliation regulations to expand accessibility to qualified applicants.
Typically, in order to be eligible for an SBA loan, the size of the…
SBA Issues Guidance Regarding Implementation of the Paycheck Protection Program
The Small Business Administration (“SBA”) has released Interim Final Rules (“Rules”) regarding implementation of the Paycheck Protection Program (“PPP”) under the CARES Act. These Rules are intended to provide guidance to both borrowers and lenders in interpreting the provisions of the PPP.
This Alert provides a high-level overview of the Rules, and in certain instances…
CARES Act – Guidance on Paycheck Protection Program
By Jennifer Horowitz & Samantha B. Epstein on
Posted in General Business
On March 31, 2020, the Department of Treasury released preliminary guidelines (“Guidelines”) for prospective participants in the Paycheck Protection Program (“PPP”), a cornerstone of the newly enacted CARES Act. Per the publicly released Information Sheet, small businesses and sole proprietors are eligible to apply for a PPP loan starting on Friday, April 3, 2020,…