SBA Issues PPP Loan Forgiveness Application

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…

SBA Allows Lenders To Increase Certain Borrower Loan Amounts

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…

Economic Empowerment Grant, Support For Gateway City Small Businesses – Applications Due May 29, 2020

As an acknowledgement of the devastating economic impact of COVID-19, the Massachusetts Office of Economic Empowerment (OEE) is offering a grant to small businesses registered in a Gateway City in Massachusetts. These cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield,…

PPP Loans – IRS Denies Tax Deductions For Wages And Expenses

Yet another setback for the Paycheck Protection Program? This morning in our FYI post PPP Loan Borrowers – Be Prepared to Prove Lack of Liquidity As A Basis For Your Loan, we discussed new guidance from the SBA regarding the good faith certification and borrower liquidity. Like many others we have also been seeking clarification…

Federal Pandemic Unemployment Compensation

The CARES Act creates the Federal Pandemic Unemployment Compensation program (FPUC), which provides an additional $600 per week to individuals who are currently collecting regular unemployment benefits. The CARES Act also aids individuals not covered under traditional unemployment insurance such as the self-employed, gig economy workers and others. These new benefits will be funded at…