On June 5, 2020, the President signed the Paycheck Protection Program Flexibility Act of 2020 (the “Act”), a bipartisan measure aimed at providing additional flexibility and extended relief to small business borrowers under the Paycheck Protection Program (“PPP”). Below is a summary of the key provisions of the Act, highlighting material deviations from those terms
CARES Act
SBA Guidance for Self-Employed and Independent Contractors
By Christopher Kula & Samantha B. Epstein on
Posted in General Business, Recent Developments
The Small Business Administration (“SBA”) has issued a supplemental Interim Final Rule (the “Rule”) providing additional guidance with respect to eligibility criteria under the Paycheck Protection Program (“PPP”). The Rule focuses primarily on qualified self-employed individuals as well as independent contractors. Here are the key components:
Who is eligible?
- Self-Employed individuals are eligible to receive
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Alert – Federal Reserve Launches Main Street Lending Program and Other Mid-Sized Business Assistance
Posted in Recent Developments
As small businesses attempt to navigate the Paycheck Protection Program and other available federal relief, mid-sized businesses have awaited guidance on the Main Street Lending Program (the “Program”) and related corporate assistance programs targeted to mid-sized business enterprises, as initially proposed under the CARES Act (the “Act”). While we expect additional details to be released…
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,…