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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.

PPP Flexibility Act Signed Into Law

June 05, 2020

By: Will Johnson and Perry MacLennan

On Wednesday evening, the U.S. Senate passed the Paycheck Protection Program Flexibility Act (the “Act”), which amends the CARES Act to provide businesses with greater flexibility in the use of PPP funds. President Trump signed the bill into law today, June 5. Below is a summary of the key changes.

PPP Update: SBA Issues Additional Interim Final Rules

May 23, 2020

One week after issuing the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application, summarized here, the Small Business Administration (SBA) issued two interim final rules on May 22, 2020 addressing loan forgiveness, loan review procedures, and borrower and lender responsibilities.
 

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.
 

SBA Issues New Interim Rule on Foreign Affiliates

May 18, 2020

The U.S. Small Business Administration (SBA) published a new interim final rule on Monday, May 18, 2020, which addresses the question of whether U.S. companies must include employees of foreign affiliates for purposes of measuring their number of employees for program eligibility.
 

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. 

Transatlantic trends from the Coronavirus Job Retention Scheme and the Paycheck Protection Program

May 08, 2020

By: Will Johnson, Perry MacLennan and Andreas White (Kingsley Napley)

In recent weeks in our respective practices in the US and the UK, we have seen unprecedented client interest in the urgent response of policy makers to the economic crisis in support of employers and jobs.
 

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. 

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