Small Business Administration Issues New Guidance That Impacts M&A Transactions Involving PPP Loan Recipients

By Matthew L. Mitchell and Scott R. Bleier     On October 2, 2020, the Small Business Administration (SBA) announced new guidelines that apply the SBA “Change of Ownership” procedures to the PPP context. As a 7(a) loan program, the PPP loans are subject to the same regulations that apply to 7(a) loans. These regulations …

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PPP Loan Update: “Forgiveness Portal” Open; FAQs Posted

By Matthew L. Mitchell and Scott R. Bleier     On August 10, 2020, the Small Business Administration (the “SBA”) opened the “Forgiveness Portal," permitting lenders of Payroll Protection Program (“PPP”) loans to accept forgiveness applications from PPP loan recipients. In addition, Frequently Asked Questions (FAQs) on PPP Loan Forgiveness (the “FAQs”) were published, and …

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PPP Application Period Ends; Treasury Department Releases Revised Forgiveness Application Forms and Revises Regulatory Standards Related to PPP Loan Forgiveness

  Today, June 30, 2020, marks the last day that a small business may apply for a COVID-19 relief loan under the Payroll Protection Program (“PPP”). In the run-up to this deadline, the Treasury department has issued a series of regulations and forms that govern PPP “Forgiveness Criteria” – the conditions that a PPP loan …

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PPP Flexibility Act Passes; Fundamentally Changes Forgiveness Rules

By: Matthew Mitchell and Scott Bleier               On June 3, 2020, the Senate passed, by unanimous consent, the Payroll Protection Program Flexibility Act (the “Act”), which eases certain forgiveness requirements to the favor of PPP loan recipients.  Specifically: Forgiveness Period Extended: The Act extends the Forgiveness Period of the …

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Senate Approves Deal to Expand PPP Small Business Loan Program

On April 21, the Senate approved $484 billion in new coronavirus aid, of which $310 billion will be used to replace the exhausted funds of the Paycheck Protection Program (“PPP”). The House of Representatives is expected to pass the bill within days, with PPP loan application processing expected to recommence as early as April 23, …

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