SBA Releases New FAQ on Loan Forgiveness

Speaking of the Paycheck Protection Program, in conjunction with the Department of the Treasury, the Small Business Administration (SBA) this week released an updated Frequently Asked Questions (FAQ) guidance for businesses seeking forgiveness of their PPP loans. The FAQ provides plain language direction regarding such items as: payment requirements where a borrower submits a loan…

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SBA Updates PPP Loan Forgiveness Application

The U.S. Small Business Administration and Department of the Treasury this week released a second application form for Paycheck Protection Program loan participants to use in applying for loan forgiveness along with important new guidance. In light of the changes implemented by the PPP Flexibility Act (PPPFA), which increased the covered period from 8 to…

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Congress Passes PPP Reforms

In a major victory for small businesses across the nation, and restaurants in particular, the U.S. Senate passed the Paycheck Protection Program Flexibility Act on Wednesday evening and sent it to the President, who signed it into law late yesterday. The legislation (H.R. 7010), which passed the House last week by an overwhelming vote of…

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SBA “Finalizes” Forgiveness Program Again

Last Friday night, the Small Business Administration (SBA) issued an Interim Final Rule (IFR) to govern the forgivability of Paycheck Protection Program (PPP) loans. The IFR provides that forgiveness is available for payroll costs, including bonuses and hazard pay, paid OR incurred during the Payroll Covered Period for employees up to the compensation ceiling of…

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US House Passes PPP Flexibility Act

Notwithstanding the above, more changes will likely be coming again regarding the Paycheck Protection Program and its loan forgiveness provisions, as the US House yesterday passed the Paycheck Protection Program Flexibility Act (HR 7010) and sent it to the US Senate. The legislation, if passed by the Senate and signed into law by the President,…

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SBA Releases PPP Forgiveness Form

Last Friday, the Small Business Administration (SBA) released the Paycheck Protection Program loan forgiveness application form along with instructions for completing it and applying for loan forgiveness. The application consists of four parts: the PPP Loan Forgiveness Calculator, the PPP Schedule A, the PPP Schedule A Worksheet and the Borrower Demographic Information Form. The documents…

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Effort to Amend PPP Provisions in CARES Act

Notwithstanding the above and other requirements of the Paycheck Protection Program, a serious effort is now underway in Washington to amend some of the provisions of the CARES Act. Specifically, the Coalition of Franchisee Associations (CFA) and other business allies in the Nation’s Capital are working to better educate Congress on the needs of the…

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SBA Finalizes Further Guidance

On Wednesday of this week, the Small Business Administration (SBA) posted its latest guidance/clarification on the Paycheck Protection Program (PPP). The guidance was provided as Question 46 in the Department of the Treasury Q&A relating the PPP.  You may recall as we advised you last week, the then-prevailing guidance stated that borrowers would have to…

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“CARES” Act Summaries

We want to emphasize that any analysis of the pending $2 trillion “Coronavirus Aid, Relief and Economic Security Act” (CARES Act) that you may read – whether provided by DDIFO or any other organization is NOT YET FINAL, as the legislation is still pending in Congress. That said, we have a preliminary summary from the…

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McConnell Files Coronavirus Phase #3

Republican Senate Majority Leader Mitch McConnell last night filed a third economic stimulus bill in an ongoing effort to mitigate the fallout from the coronavirus pandemic that has ravaged the American economy. The legislation, which has the support of the White House, provides for the direct payment of $1200 to all Americans earning less than…

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