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  • Coronavirus News Alert

    Paycheck Protection Program: SBA Releases New PPP Loan Guidance

    June 16, 2020
    Last week the U.S. Small Business Administration released revisions to the Paycheck Protection Program – First Interim Final Rule in response to the enactment of the Paycheck Protection Program Flexibility Act (Flexibility Act), H.R. 7010.
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  • Coronavirus Alert

    Paycheck Protection Program: Senate Passes Paycheck Protection Program Flexibility Act

    June 4, 2020
    On June 6, the Senate approved the version of the Paycheck Protection Program Flexibility Act (Flexibility Act) as adopted by the House of Representatives last week. The Flexibility Act provides additional flexibility to borrowers in using PPP loan proceeds and qualifying for forgiveness. The bill is now on its way to President Donald Trump for his signature.
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  • Coronavirus Alert

    Paycheck Protection Program: Review of Application for Forgiveness & Key Points

    May 21, 2020
    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.
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  • Coronavirus Alert

    Paycheck Protection Program: SBA Clarifies How It Will Apply a Borrower’s Good-Faith Certification Concerning the Necessity of a PPP Loan Request

    May 13, 2020
    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.”
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  • Coronavirus Alert

    Dept. of Education Issues New Rule to Strengthen Title IX for all Students

    May 13, 2020
    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.
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  • Coronavirus Alert

    Paycheck Protection Program: SBA Extends Safe Harbor Date to Repay PPP Loans

    May 6, 2020
    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.
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  • Coronavirus Alert

    Paycheck Protection Program: SBA Will Provide Relief from Potential Reduction in Loan Forgiveness for Attempts to Rehire Employees

    May 5, 2020
    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.
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