The Small Business Administration (SBA) and U.S. Treasury Department have released new FAQ guidance concerning various forgiveness aspects of Paycheck Protection Program (PPP) loans, provided for under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and am...Read More
The Paycheck Protection Program Flexibility Act of 2020 (HR 7010) (the “New Act) was signed and made law by the President after an almost unanimous approval by the House and passage through Senate this week. The New Act provides useful updates for small business borrowers un...Read More
New Indiana Economic Support for Small Businesses: Applications for Small Business Restart Grants Open June 3, 2020
Indiana Governor Holcomb approved more than $40 million in federal funding through the CARES Act to provide economic support for Hoosi...Read More
The U.S. Treasury Department ("Treasury") and Small Business Administration ("SBA") clarified the Paycheck Protection Program’s good faith certification requirements and loan audit guidelines in a Frequently Asked Questions document issued Wednesday, May 13, 2020.
Much of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act limelight has focused on forgivable Paycheck Protection Program (“PPP”) loans; however, many businesses have had to weigh the necessity of such loans and should now consider alternative options provided...Read More
Businesses attempting to rehire employees who refuse to rejoin the workforce can exclude those employees from Paycheck Protection Program (“PPP”) loan forgiveness reduction calculations. This is according to new FAQ guidance from the Small Business Administration (“SBA”) and...Read More
The safe harbor deadline for businesses to repay their Paycheck Protection Program ("PPP") loan amount in full and maintain a certification of good faith has been extended to May 14, 2020. Borrowers do not need to apply for this extension.
Update April 29, 2020: The Treasury and SBA confirmed in their April 29th FAQ Update that all loans in excess of $2 million, “in addition to other loans as appropriate,” will be subject to review by the agencies. Additional information regarding these audits i...Read More
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, signed into law on March 27, 2020, included over $2 trillion for economic stimulus and support, with $349 billion earmarked to provide support for small businesses via the Paycheck Protection Program (“PPP”) o...Read More
The Coronavirus Aid, Relief, and Economic Security ("CARES") Act provides nearly $350 billion to fund loan programs for small businesses in the wake of COVID-19. These loans are designed to provide businesses with the capital to maintain their workforce through payroll supp...Read More