The recently passed Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Act”) provides $900 billion in stimulus aid to struggling businesses and individuals along with $284 billion allocated to renewing the Paycheck Protection Program (“PPP”). Although many aspects of the Act mirror the previously passed CARES Act legislation, such as offering low interest...Read More

The Economic Aid Act (“EAA”) was signed into law on December 27, 2020 and provides $900 billion in financial relief to struggling individuals, businesses, and organizations. The EEA also renews the Paycheck Protection Program (“PPP”) and expands its terms to allow for eligible 501(c)(6) organizations to become borrowers. Local chambers of commerce, labor and trade...Read More

The Small Business Administration (“SBA”) recently released draft Paycheck Protection Program (“PPP”) necessity questionnaires for comment and review by the public. The draft questionnaire is a continuation of the SBA’s required good faith certification by borrowers that the “[c]urrent economic uncertainty makes [the PPP loan] request necessary to support the ongoing operations” of the applicant...Read More

Guidance for businesses that have received funds under the Paycheck Protection Program (“PPP”) and are now considering or undergoing a change of ownership.Read More

Highlights of Paycheck Protection Program FAQs on Loan Forgiveness issued by SBA to address borrower and lender questions concerning forgiveness of PPP loans.Read More

New Paycheck Protection Program Flexibility Act of 2020 (HR 7010) provides useful updates for small business borrowers under the CARES Act’s Paycheck Protection Program (PPP), including increased leeway in how funds are spent and more lenient forgiveness terms.Read More

Applications open Wednesday, June 3, 2020, for Indiana Small Business Restart Grants ($30 million total) for eligible businesses that have not used PPP, EIDL, or CDBG funds.Read More

New Guidance: Borrowers of PPP loans greater than $2 million should anticipate review by SBA; borrowers of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.Read More

Eligible businesses partially or fully disrupted by COVID-19, including those repaying PPP loans by the safe harbor deadline, should consider taking advantage of refundable payroll/employee retention tax credits provided for under the CARES Act.Read More

Businesses attempting to rehire employees who refuse to rejoin the workforce can exclude those employees from PPP loan forgiveness reduction calculations according to new guidance from the SBA and Treasury Department.Read More