May 2020

Paycheck Protection Program: Deadline Extended to 5/14, Updated Guidance on Other Sources of Liquidity

Update: On May 5, 2020, the SBA issued Frequently Asked Question #43 which extended the repayment date for the safe harbor described below to May 14, 2020, and indicated that further SBA Guidance as to how it will review the “necessity of the loan” cer…

IRS Blesses “Dial-In” TEFRA Hearings and Enhances Bond Self-Purchase Guidance in Response to COVID-19 Emergency

On May 4, 2020, the Treasury Department and the Internal Revenue Service released two guidance pieces designed to address issues currently challenging the public finance markets as a result of the COVID-19 pandemic.  The first release, Revenue Procedure 2…

SBA Issues New FAQ Clarifying Effect of Employees Who Won’t Return to Work on Paycheck Protection Program Loan Forgiveness

One of the most attractive features of the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) loans is a borrower’s eligibility for loan forgiveness if loan proceeds are spent appropriately. However, the amount of the l…

April 2020

New Paycheck Protection Program Rules for Self-Employed Individuals; SBA Announces No More New PPP or EIDL Applications Due to Exhaustion of Funding

UPDATE – On April 16, 2020, the Small Business Administration (“SBA”) announced it is unable to accept new applications for the Paycheck Protection Program (“PPP”) and Economic Injury Disaster Loan (“EIDL”) COVID-19 program (including emergen…

Federal Reserve Announces Main Street Lending Program for Small and Mid-sized Businesses

Update: On April 30, 2020, the Federal Reserve announced revisions to this program, which are discussed in our alert, “Federal Reserve Revises and Expands Main Street Lending Program For Small and Mid-sized Businesses,” found here.On April 9, 2020, the…

SBA Issues Interim Final Rule for Paycheck Protection Program: Key Takeaways for Your Loan Application

This article was originally published on April 3, 2020 and has been updated based on the April 8, 2020 updates to the SBA’s Paycheck Protection Program Loans Frequently Asked Questions (“FAQs”), found here.On April 2, 2020, the Small Business Adminis…