You searched for: Paycheck Protection Program

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General Search Results:

• 07.30.2021

  Paycheck Protection Program - Necessity Questionnaire
  The Small Business Administration ("SBA") has announced, that it has discontinued use of the Loan Necessity Questionnaire, in regards to the PPP program, citing delays caused by loan necessity reviews.

• 01.11.2021

  Paycheck Protection Program: More Clarifying Rules, Second Draws and a New Application Form
  On January 6, 2021, the SBA and the Treasury Department released interim final rules for the Paycheck Protection Program (“PPP”) Second Draw Program, which was created as part of the stimulus bill enacted into law on December 27, 2020, namely the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Act”).

• 10.20.2020

  Paycheck Protection Program Update: Where do you Stand?
  The SBA, in consultation with the Treasury, released a new interim final rule, to simplify loan forgiveness for certain borrowers of Paycheck Protection Program (“PPP”) loans. Specifically, the SBA has issued a rule that provides for a de minimis exemption from the full-time equivalent employee reduction penalty and the employee salary and wage reduction penalty for loans of $50,000 or less

• 09.02.2020

  Paycheck Protection Program: Allocability of Nonpayroll Costs to Your Business
  The SBA, in consultation with the Treasury, released another set of interim final rules, dated August 27, 2020 regarding forgivable costs under the Paycheck Protection Program.

• 08.06.2020

  Separate PPP Loan Forgiveness FAQs Now Released
  The Small Business Administration (in consultation with the Department of the Treasury) has issued a separate set of FAQs to deal with the forgiveness component of the Paycheck Protection Program.

• 06.24.2020

  Paycheck Protection Program: More Interim Rules Issued by SBA
  On June 22, 2020, the SBA issued another set of interim final rules to conform earlier issued rules with the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). Specifically, these rules revise the interim final rules issued on June 1, 2020 regarding loan forgiveness and the SBA’s loan review procedures.

• 06.17.2020

  COVID-19 "EZ" Loan Forgiveness
  The SBA has released a revised version of the previously issued Paycheck Protection Program Loan Forgiveness Application, updated to reflect changes effected by the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”), enacted into law on June 5, 2020.

• 06.11.2020

  Paycheck Protection Program: New Interim Final Rule
  Please note that another set of interim final rules has been released, amending the first interim rules, for the Paycheck Protection Program, to reflect modifications effected by the Paycheck Protection Program Flexibility Act of 2020 enacted on June 5, 2020.

• 06.05.2020

  Paycheck Protection Program: Congress Responds to Business Concerns Regarding Forgiveness Period
  On June 3, 2020, the Senate approved the Paycheck Protection Program Flexibility Act (the “Flexibility Act”), which purports, among other things, to extend the 8-week ‘covered period’, for the incurrence and payment of eligible forgivable costs and to reduce the 75% payroll costs requirement.

• 05.24.2020

  Paycheck Protection Program: Two New Interim Final Rules

• 05.17.2020

  Paycheck Protection Program Forgiveness Application Form Finally Released!
  The Treasury Department and the U.S. Small Business Administration (SBA) have released the Paycheck Protection Program Loan Forgiveness Application, which sheds further light into how borrowers may seek, and obtain, forgiveness of their Paycheck Protection Program loans. In addition to worksheets that calculate eligible forgiveness amounts, the loan application and its accompanying instructions clarify a few prior unknowns (mysteries).

• 04.24.2020

  COVID-19 Payroll Protection Update: SBA Adds Liquidity Requirement to Qualify
  Announcement – The Treasury Department updated its FAQS regarding the economic uncertainty and need certification to be made by PPP applicants/borrowers, requiring that borrowers take into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations.

• 04.24.2020

  COVID-19 Paycheck Protection Program
  An interim final rule – affecting changes to the Paycheck Protection Program was released Friday, April 24th.