Treasury Department Releases PPP Loan Forgiveness Application Form: Technical Aspects of PPP Loan Forgiveness Explained, But Questions Remain

  Under the CARES Act, a recipient of a Paycheck Protection Program (“PPP”) loan may be excused from the obligation to repay the loan if certain “Forgiveness Criteria” are met. On Friday, March 15, 2020, the Treasury Department released the Paycheck Protection Program Form Loan Forgiveness Application (the “Forgiveness Application”). The Forgiveness Application is the first articulation …

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K-1 Distributions to LLC Members and Partnership Partners Constitute Payroll Costs for Purposes of PPP Loan Amount Calculation – Treasury Department Announces in Supplemental Interim Final Rule

By: Matthew L. Mitchell With the $350 billion fund allocated by Congress for the Paycheck Protection Program (“PPP”) exhausted, we are currently waiting to see if and when the PPP funding is extended. Amid these reports, the U.S. Treasury Department issued a second, supplemental Interim Final Rule (the “Second Rule”) that provides further guidance on …

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Best Practices Before Applying For a PPP Loan: Board of Directors Meeting

Many small businesses in the United States are considering applying for a Paycheck Protection Program (“PPP”) loan. The PPP loans have certain eligibility requirements and require the applicants to make certain certifications on the application. In order for a company to be certain that it is eligible, and that applying for a PPP loan is …

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U.S. Treasury Releases Interim Rules on Paycheck Protection Program – What You Need to Know

In an effort to facilitate the fast-tracking of loans under the new Paycheck Protection Program (“PPP”) the U.S. Department of the Treasury released Interim Final Rules effective April 3, 2020. The rules cover areas such as: Basic Structures of PPP Loans Loan Applicant Certifications Borrower Eligibility Requirements Loan Proceeds Loan Forgiveness Rules Miscellaneous Terms. Joe …

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