On Monday, September 1, members of the House of Representatives’ Select Subcommittee on the Coronavirus Crisis (the “Subcommittee”), tasked with overseeing the implementation and effectiveness of the Paycheck Protection Program (“PPP”), issued a memo reporting a lack of oversight, leading to “billions of dollars being…
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On August 4, 2020, the Small Business Administration (“SBA”) released a new set of Frequently Asked Questions (“FAQs”) addressing forgiveness of Paycheck Protection Program (PPP) Loans. These FAQs supplement the 49 FAQs previously published by the SBA and Treasury addressing the PPP generally. The 23…
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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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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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On May 13, 2020, the Small Business Administration (“SBA”), along with the Treasury, released FAQ #46, as a follow up to its guidance on FAQs #31 and #37, which is discussed here. As a quick catch up, the SBA and Treasury issued FAQ #31 in response…
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On April 9, 2020, the Federal Reserve, published term sheets for a Main Street Lending Program for small and/or mid-size businesses. The April 9 term sheets set forth two separate loan programs under the Main Street Lending Program—the Main Street Lending Program and the Main Street Expanded Lending Program.…
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For any employer that expected PPP loan proceeds to be “free money,” the IRS has essentially said – not so fast. In guidance issued on May 1, 2020, the IRS clarified that to the extent that an employer makes payments of expenses that result in…
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