News

On August 24, the U.S. Small Business Administration (SBA) released a new interim final rule regarding the Paycheck Protection Program (PPP). This new interim final rule provides additional guidance on the applicability of owner compensation rules and the eligibility of certain nonpayroll costs for forgiveness.

On August 11th the Small Business Administration updated its Paycheck Protection Program (PPP) frequently asked questions on loan forgiveness.

On August 4, the U. S. Small Business Administration (SBA), in consultation with the Department of the Treasury, issued additional guidance on the forgiveness of Paycheck Protection Program (PPP) loans in the form of Frequently Asked Questions.

The Small Business Administration (SBA) recently issued a Loan Forgiveness Application (Form 3508) for borrowers with Paycheck Protection Loans. Below is a summary of some of the key considerations, issues and questions as borrowers and lenders work through the forgiveness process.

With the Thursday, May 14 deadline for repayment of Paycheck Protection Program loans under the previously announced safe harbor looming, earlier today the U.S. Small Business Administration issued FAQ #46 to address how it will apply the required borrower certification regarding the need for a PPP loan. The CARES Act requires that borrower’s certify in good faith that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”

When and if students across America return to campus this fall, new regulations will apply under Federal law regarding Title IX protections for survivors of sexual misconduct. These regulations seek to restore due process in campus proceedings to ensure all students can pursue an education free from sex discrimination. This historic action, which was announced by the United States Secretary of Education, Betsy DeVos, seeks to define sexual harassment, including sexual assault, as unlawful sexual discrimination. Schools and institutions subject to the Title IX regulation will be held accountable for failure to respond equitably and promptly to sexual misconduct incidents and must ensure a more reliable adjudication process that is fair to all students.

Late Tuesday, May 5, the SBA issued an update to its Frequently Asked Questions (see FAQ #43) to extend the safe harbor date for repayment of a PPP loan from May 7 to May 14. Any borrower that repays a PPP loan by this date will be deemed by SBA to have made the required certification regarding the necessity of the loan in good faith.