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ON-DEMAND INSIGHTS

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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FAQ's issued by the SBA and U.S. Treasury Dept. for Paycheck Protection Program

FAQ's issued by the SBA and U.S. Treasury Dept. for Paycheck Protection Program

April 9, 2020 at 6:09 PM - COVID-19,

As previously shared, the SBA’s Paycheck Protection Program under the CARES Act makes available $349 billion for loans to small businesses to help prevent their collapse during the COVID-19 public health crisis. Since the launch of the Program, the SBA has released a formal application, as well as two interim rulings about the Program (see rulings one and two here). Despite these efforts, many small businesses remain confused about the Program, including the application process itself.

In an effort to provide more clarity, the government has released a set of frequently asked questions (“FAQs”) which address a variety of topics, including the following:  

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Comparing the SBA’s Economic Injury Disaster Loan and Paycheck Protection Programs

Comparing the SBA’s Economic Injury Disaster Loan and Paycheck Protection Programs

April 9, 2020 at 10:34 AM - COVID-19,

Providing financial assistance to small businesses is one of the key roles played by the Small Business Administration (SBA), including the provision of emergency loans during times of crisis under its Economic Injury Disaster Loan (EIDL) program. When the Coronavirus Aid Relief and Economic Security Act (CARES Act or Act) was passed on March 27th, certain components of the EIDL program were enhanced under the Act, and an additional SBA section 7(a) lending program - the Paycheck Protection Program (PPP) – was introduced. Deciding which loan program is right for your business depends primarily on how you plan to use the proceeds of the loan.

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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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