The House passed a bill today, Thursday, May 28th that loosens some key rules regarding loan repayment and spending restrictions of the Paycheck Protection Program. The legislation, titled the Paycheck Protection Program Flexibility Act, is intended to make loans more accessible under the program by making its terms of use more flexible. Given the quickly changing […]

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the US economy, including $349 billion that was earmarked for the Paycheck Protection Program (PPP) to be administered by the SBA. An additional $310 billion was later authorized for the PPP. Under the PPP, […]

On May 15, 2020, the U.S. Small Business Administration (SBA) announced its long-awaited forgiveness rules through the release of the PPP Loan Forgiveness Application. Through a series of instructions and worksheets, employers now have a much better understanding of how forgiveness will work, although the SBA application still leaves important questions unanswered. The CARES Act and […]

On May 13th, the SBA released a new interim final rule on loan increases. This new issue informs lenders they can increase existing Paycheck Protection Program (PPP) loans to partnerships and seasonal employers, an update to the previous rulings that were issued on April 14 and April 28. Click here to view the full document. In […]

On April 23, the SBA released a FAQ guidance document regarding liquidity, meant to serve as a warning to borrowers previously obtaining or applying for Paycheck Protection Program (PPP) loans. The SBA’s Paycheck Protection Program requires businesses to certify that “current economic uncertainty makes this loan request necessary.” It also stated companies that have other […]