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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On July 14, 2020, Michelle F. Schwerin will participate on a webinar entitled, “When You Need to Disclose More Than Just a Tax Crime.” The webinar is a part of the American Bar Association Section of Taxation’s Virtual 2020 May Tax Meeting, which replaced the…
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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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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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