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SBA Revises PPP Loan Forgiveness Application and Issues EZ Forgiveness Application

June 23, 2020

Following the adoption of the Paycheck Protection Program Flexibility Act (PPP Flexibility Act), the Small Business Administration (SBA) has released a revised loan forgiveness application, a simplified loan forgiveness application for certain borrowers and instructions to both applications.

Will Johnson Partners with SC Chamber on PPP Loan Forgiveness Application Webinar

May 22, 2020

Haynsworth Sinkler Boyd’s Will Johnson provided an overview of the Small Business Administration’s Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions during a webinar with the SC Chamber of Commerce on May 21, 2020.
 

Summary of SBA’s PPP Loan Forgiveness Application and Instructions Issued May 15, 2020

May 16, 2020

The Small Business Administration issued the long-awaited Paycheck Protection Program Loan Forgiveness Application (the “Application”) together with instructions (the “Instructions”), on May 15, 2020. 
 

Guidance for Lenders on PPP Forgiveness

May 16, 2020

The Small Business Administration issued the long-awaited Paycheck Protection Program Loan Forgiveness Application (the “Application”), together with instructions (the “Instructions”), on May 15, 2020. 

Treasury Releases an Update to its FAQs on the PPP

May 13, 2020

The Treasury Department has released an update to its FAQs on the Paycheck Protection Program on the morning of May 13, 2020 to address the good-faith certification issue. 

PPP Safe Harbor Repayment Deadline Extended, Treasury Promises Additional Guidance

May 06, 2020

By: Will Johnson and Perry MacLennan

Late on Tuesday, May 5, 2020, the US Treasury Department extended the deadline for a safe harbor repayment of PPP loan funding from May 7 to May 14 and promised additional guidance on how the Small Business Administration will review the good-faith “necessity” certification prior to that time. 

Senate Passes Paycheck Protection Program and Health Care Enhancement Act to Add $310 Billion to Paycheck Protection Program

April 22, 2020

The United States Senate passed a bill on Tuesday, April 21, to increase the $349 billion cap under the Paycheck Protection Program (PPP). The “Paycheck Protection Program and Health Care Enhancement Act” would add another $310 billion in funding to the PPP, increasing the total amount to $659 billion.

Comprehensive Overview of the Paycheck Protection Program

April 14, 2020

By Will Johnson and Perry MacLennan

On March 27, President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act, a historic $2 trillion stimulus package to provide financial assistance to individuals and businesses. One of the most important components of the CARES Act is the Paycheck Protection Program (PPP), administered by the Small Business Administration (SBA). 
 

Interim Final Rule Implementing Paycheck Protection Program Issued

April 02, 2020

The Small Business Administration (SBA) issued an interim final rule on Thursday, April 2, to facilitate implementation of the Paycheck Protection Program, one of the hallmarks of the CARES Act signed into law on Friday, March 30. 
 

Overview of the SBA Economic Injury Disaster Loan (EIDL) Program

March 31, 2020

On March 6, Congress signed into law the Coronavirus Preparedness and Response Supplemental Appropriations Act. The act declared the coronavirus (COVID-19) outbreak a disaster under the Small Business Act, therefore opening the door for the SBA to use its lending authority to make economic injury disaster loans (EIDLs) for small businesses impacted by the pandemic. On March 19, the SBA certified the entire state of South Carolina as an eligible area.
 
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