In response to last week’s blog post, we’ve received many questions (thank you!) about ramifications for ineligible companies that take out PPP loans and fail to return loan proceeds by May 7. This is a huge question. And, unfortunately, we do not have a single,…
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On April 23, 2020, the Treasury added FAQ #31 to its ever-growing list of Paycheck Protection Program Loans Frequently Asked Questions (“FAQs”). A first set of 18 FAQ Questions and Answers, meant to provide guidance to PPP borrowers and lenders, were released on April 6,…
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After being signed into law on March 27, 2020, much of the focus surrounding the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) has centered around the Paycheck Protection Program and the Economic Injury Disaster Loan and Emergency Grant. Both programs are designed…
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On April 21, 2020, Treasury Secretary Steve Mnuchin, expressed concern that large companies – not the intended Paycheck Protection Program (“PPP”) participants – had applied for and received PPP loans. He unequivocally showed that the government will closely scrutinize representations made by PPP Loan borrowers…
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In a blog post we published last week, we discussed the U.S. Small Business Administration’s (the “SBA”) issued revised criteria for states (or territories) seeking an “economic injury declaration” related to COVID-19, which were released on Tuesday, March 17, 2020. The SBA expected the revised criteria would…
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Late on Tuesday, March 31, 2020, the Small Business Administration (the “SBA”) updated their site with further information regarding 7(a) Loans under the Paycheck Protection Program. After the passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) on Friday, March 27, 2020,…
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The recently passed Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) has important provisions for small businesses under what is called the “Paycheck Protection Program,” which addresses temporary changes to 7(a) loans [P.L. 116-136.] Under the program, the Small Business Administration (“SBA”) will make…
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