Small Business Administration

The U.S. Small Business Administration (the “SBA”) is requiring lenders to obtain completed “economic need” questionnaires (the “Questionnaire”) from Paycheck Protection Program for-profit and nonprofit borrowers (“PPP Borrowers”) who borrowed $2 million or more in Paycheck Protection Program (“PPP”) loans. While the content of the Questionnaire remains

Earlier this month, the U.S. Small Business Administration (the “SBA”) issued Procedural Notice Control No. 5000-20057 (the “Guidelines”), providing guidance with respect to M&A transactions involving entities with outstanding Paycheck Protection Program (“PPP”) facilities. This Alert summarizes the Guidelines as they relate to change of control and M&A transactions,

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

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

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