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PPP
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...
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Guidance for businesses that have received funds under the Paycheck Protection Program (“PPP”) and are now considering or undergoing a change of ownership.
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Highlights of Paycheck Protection Program FAQs on Loan Forgiveness issued by SBA to address borrower and lender questions concerning forgiveness of PPP loans.
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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.
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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.
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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.
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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.
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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.
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The safe harbor deadline for businesses to repay their PPP loan in full and maintain a certification of good faith has been extended to May 14, 2020. Details...
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Small business applicants for PPP loans should carefully review all required certifications and determine whether the loan is necessary in light of guidance from the SBA and Treasury.
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