PPP

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On Friday, May 15, 2020, the Small Business Administration (“SBA”) released the Paycheck Protection Program Loan Forgiveness Application (the “Application”) and instructions (the “Instructions”), which, together with applicable rules, will govern loan forgiveness under the Paycheck Protection Program (“PPP”).  Despite varying predictions, and with only limited exception, the Application and Instructions are generally consistent with…

The Small Business Administration (“SBA”) has issued a supplemental Interim Final Rule (the “Rule”), along with additional Frequently Asked Questions issued in consultation with the Department of Treasury (released on Friday, April 24, 2020 (as further modified on Sunday, April 26, 2020)), each providing additional guidance with respect to the implementation and administration of the…

On April 23, 2020, the Small Business Administration (“SBA”), in consultation with the Department of Treasury, released supplemental guidance in the form of Frequently Asked Questions (“FAQs”) with respect to the implementation of the Paycheck Protection Program (“PPP”). These FAQs clarify certain aspects of the SBA Interim Final Rules released on April 3, 2020 and…

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…

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…