News

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.

The SBA recently issued updates to its Frequently Asked Questions interpreting provisions of the Paycheck Protection Program. FAQ #40 addresses application of the CARES Act provisions that reduce the amount of loan forgiven based upon the number of employees retained by a borrower.

The Small Business Administration (SBA) recently released an update to its Frequently Asked Questions.

The Small Business Administration (SBA) recently released a supplement to the Interim Final Rule issued on April 3, 2020, along with an update to its Frequently Asked Questions. The supplemental rule provides guidance for self-employed individuals as well as addressing certain eligibility requirements. This alert contains a review of several pertinent points in the rule and updated FAQs.