COVID – Business

Sweet Relief: Stimulus Bill Would Confirm PPP Borrower Tax Relief – Consolidated Appropriations Act of 2021

On December 21, 2020, Congress passed the much anticipated COVID-19 relief legislation (Consolidated Appropriations Act, 2021 (“CAA, 2021”), sending the bill to President Donald Trump to sign. In CAA 2021, Congress delivered clarity to PPP loan borrowers in confirming that business expenses paid with the…
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Expansion of the Main Street Lending Programs: Small Businesses & Nonprofit Organizations

A brief history: On April 9, 2020, the Federal Reserve published term sheets for a lending program—known as the Main Street Lending Program—for small and/or mid-size businesses. There were two separate loan programs under the Main Street Lending Program—the Main Street Lending Program and the Main Street Expanded Lending…
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Paycheck Protection Flexibility Act: Changes to the Paycheck Protection Program

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (the “Act”), to amend sections of the Paycheck Protection Program (“PPP”). The Act: Prospectively extends PPP loan maturity from two years to five (lenders and borrowers may mutually agree to modify the…
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