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ON-DEMAND INSIGHTS

PPP Application Deadline Extended

PPP Application Deadline Extended

July 9, 2020 at 8:34 AM - CARES Act,

Last week, the Paycheck Protection Program (PPP) application deadline was extended from June 30, 2020 to August 8, 2020. According to reports from the Small Business Administration, the government agency that administers the PPP loans, approximately 4.9 million loans totaling over $520 billion have been approved, with about $130 billion in funding remaining to help small businesses. Congress is currently debating whether small, harder-hit businesses should be allowed a second round of funding under the program.

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Paycheck Protection Program - Latest Updates

Paycheck Protection Program - Latest Updates

June 16, 2020 at 11:04 AM - CARES Act,

Since our last update, there have been several important changes to the Paycheck Protection Program under the CARES Act. On June 5th, Congress passed the Paycheck Protection Program Flexibility Act (PPFA), effectively amending the PPP by modifying certain provisions related to loan forgiveness and loosening guidelines for borrowers. Also, in an on-going effort to support PPP borrowers, the Treasury Department has issued additional guidance, including new interim final rules and additional FAQs.

Below are the key points of each:

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More Guidance on the Paycheck Protection Program

More Guidance on the Paycheck Protection Program

May 8, 2020 at 3:18 PM - coronavirus,

Although the Paycheck Protection Program (PPP) received additional funding on April 24th, many small businesses impacted by the COVID-19 health crisis still report difficulty with navigating the application process. The Treasury Department has responded by issuing more PPP-related guidelines and information on its CARES Act assistance page.

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Additional Funds for the SBA's Paycheck Protection Program

Additional Funds for the SBA's Paycheck Protection Program

April 24, 2020 at 1:36 PM - coronavirus,

When the federal government announced the Paycheck Protection Program (“PPP”) several weeks ago, making available $349 billion for loans to small businesses impacted the COVID-19 health crisis, borrowers scrambled to submit loan applications in accordance with the “first-come, first-served” process. On April 16th, PPP funds were depleted, leaving many small businesses empty-handed. In response to the continued need, the government has approved additional funds for both the PPP and the SBA’s other loan program that can be used to reduce the impact of COVID-19, the Economic Injury Disaster Loan Program ("EIDL Program”).

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Avoiding Layoffs: An Overview of the Employee Retention Credit and Enhanced Unemployment Benefits Under the CARES Act

Avoiding Layoffs: An Overview of the Employee Retention Credit and Enhanced Unemployment Benefits Under the CARES Act

April 3, 2020 at 3:55 PM - coronavirus,

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. Its key provisions include an Employee Retention Credit, which allows employers to recoup certain wages paid to employees who are not providing services due to a suspension of operations related to COVID-19, and the creation of a temporary Pandemic Unemployment Assistance Program. Both of these mechanisms provide ways for businesses to avoid layoffs by implementing temporary shutdowns or reductions in hours.

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Application and Guidance Now Available for SBA Paycheck Protection Program

Application and Guidance Now Available for SBA Paycheck Protection Program

April 3, 2020 at 12:18 PM - COVID-19,


Since announcing the Paycheck Protection Program, a component of the Coronavirus Aid, Relief and Economic Security Act or CARES Act, the Small Business Administration (SBA) has released both the loan application and additional guidance for prospective borrowers. The Program makes available $349 billion for loans to small businesses to help prevent their collapse during the COVID-19 public health crisis. 

If you intend to apply for a loan under the Paycheck Protection Program (the “Program”), it is essential that you begin taking steps to do so NOW, including familiarizing yourself with the following key SBA updates:

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The SBA’s New “Paycheck Protection Program” under the CARES Act

The SBA’s New “Paycheck Protection Program” under the CARES Act

April 1, 2020 at 8:10 AM - coronavirus,

A critical component of the government’s newly passed stimulus package, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act” or “Act”), is the new Small Business Administration (SBA) loan program called the Paycheck Protection Program (the “Program”). Created under Section 7(a) of the Small Business Act, this Program will make available $349 billion for loans to small businesses to help prevent their collapse during the COVID-19 public health crisis.

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