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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.

3D printing is a process by which a three-dimensional object is generated from a digital model. 3D printing, also known as “additive manufacturing,” has countless applications across fields ranging from aerospace and aviation to food and children’s toys. The various applications and innovations offered by 3D printing show no signs of slowing down, with forecasts of revenue from 3D-printing products and services worldwide estimated at $15.8 billion for 2020, climbing to $23.9 billion for 2022, and to $35.6 billion for 2024. Wohlers Report, 3D Printing and Additive Manufacturing: State of the Industry (2019).

We have found the Shared Work Program to be very beneficial for employers and employees. The program allows employers to reduce hours by 10 to 40 percent. The employee receives part wages from his employer, an amount of state unemployment benefits that corresponds to the reduced hours, and the $600 weekly unemployment benefit through the end of July. As a result in most cases, employees are made whole. At the same time, employers are able to keep their employees close so they can be called back to work full-time when needed. The added bonus for employers is that participation in the Program does not impact their experience ratings.

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.

Michael S. Moore was the guest on HoganTaylor's podcast "Accounting for COVID-19." In the episode, Mike discusses the legal issues, or “Rules of Engagement,” for reopening businesses. Mike answers questions and discusses choices that leaders need to make once they reopen their offices, including keeping staff safe while maintaining their privacy, social distancing constraints, and how to avoid some potential pitfalls.