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…

Read More »

Treasury Updates Guidance/Tightens PPP

The US Treasury Department this week released an updated guidance document for the Paycheck Protection Program along with an updated FAQ that can be critical for many borrowers. The new rules (Question #40) provide that an employer will not be penalized regarding loan forgiveness, if they offer a laid-off employee their job back and the…

Read More »

SBA Extends Safe Harbor for PPP Loan Returns

The US Department of the Treasury and the Small Business Administration (SBA) this week also issued new guidance on the question of who is actually eligible to receive a Paycheck Protection Program loan (PPP). This information is critical!  Franchisee law firm Dady & Gardner, P.A. advises that when businesses applied for a PPP loan, they…

Read More »

SBA Clarifies PPP Eligibility

In response to some of the larger well capitalized “small businesses” (such as Shake Shack, Ruths Chris and others) having received PPP loans in the first round, the Small Business Administration (SBA) yesterday updated its FAQ on the loan program to make it clear that the funds are meant for small businesses and not for…

Read More »