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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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…
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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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On October 4-5, 2019, Capes Sokol Shareholders, Laura E. Krebs Al-Shathir and Michelle F. Schwerin, will present to many of the country’s leading tax attorneys and government officials at the 2019 American Bar Association Fall Tax Meeting. On Friday, Laura will moderate a panel discussion…
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