The COVID-19 pandemic has resulted in high unemployment rates and left many households struggling to make ends meet. Under normal circumstances one would be advised to avoid accessing retirement account funds early. However, with the extra $600-a-week unemployment benefit set to expire at the end of the July and failure of Congress to reach an…
On Wednesday, the U.S. House voted to approve a five-week extension of the PPP loan application deadline. First passed by the Senate on Tuesday, the bill is now in the hands of President Trump, who is expected to sign it into law. Once the bill has been signed by the President, small businesses will have…
Late on Tuesday, June 30, 2020, the Senate passed legislation to extend the deadline for small businesses to apply for COVID-19 related aid under the Paycheck Protection Program (PPP) to August 8, 2020. While it is believed that the vast majority of eligible business owners have already applied for and received assistance under this program,…
The path to PPP loan forgiveness continues to evolve. Below we provide a more detailed summary of the changes resulting from the Paycheck Protection Program Flexibility Act (PPPFA) as well as additional guidance and clarification provided since its enactment on June 5, 2020. Covered Period The covered period for loan forgiveness has been extended from…
The PPPFA was signed into law by President Trump on June 5, 2020. The new law eases PPP loan requirements so that borrowers are better able to achieve full loan forgiveness. Following is a brief summary of the key provisions: Borrowers now have 24 weeks to spend the loan funds, up from the eight week…
The U.S. Senate has passed by unanimous consent legislation introduced as the Paycheck Protection Program Flexibility Act of 2020, H.R. 7010. The bill which among other things extends the window for businesses to spend the loans granted under the program will now be passed along to President Trump for his signature. Key changes to the…
Yesterday, U.S. House lawmakers approved the Paycheck Protection Program Flexibility Act of 2020, H.R. 7010. If passed by the Senate and enacted as is, this legislation would do the following: Extend the PPP loan application deadline from June 30, 2020 to December 31, 2020. Extend the time frame to use the loan funds from 8…
The SBA has issued the application form that borrowers are required to submit when seeking PPP Loan forgiveness. It is important to note that borrowers may not file the loan forgiveness application until at least 56 days after receipt of the date of their loan disbursement. This gives borrowers some time to consider any adjustments…
Once again, the SBA has moved the safe harbor extension deadline for the return of PPP loans. Borrowers now have until May 18, 2020 to return the funds should they determine they are unable to meet the necessity requirement of the good faith certification. The SBA previously had extended the safe harbor date from May…
On May 13, 2020, the SBA issued a new interim final rule that allows lenders to increase loan amounts made to partnerships and seasonal employers who had completed the loan application prior to interim rules issued on April 14, 2020 and April 28, 2020. The April 14, 2020 interim rule allowed general active partners to…