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 Update: Treasury Department Releases New Regulations Related to PPP Forgiveness 

  As we have previously reported, 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, May 22, 2020, the Treasury Department released two Interim Rules that detail those Forgiveness Criteria: the Interim Final Rule on Loan Forgiveness, and …

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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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Paycheck Protection Program Update: What the Question 46 Guidance Means for Recipients of PPP Loans Under $2 Million

  As we have previously reported, on May 13, 2020, the Treasury Department and the Small Business Administration (the “SBA”) released new guidance, embedded in a Frequently Asked Questions memorandum, that relates to the "economic necessity" requirement for Paycheck Protection Program (“PPP”) loans (the “Question 46 Guidance”). The Question 46 Guidance may be found here. Of particular note:  The Question …

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Treasury Department Announces Safe Harbor for PPP Borrowers with Loans of Under $2 Million

  The Treasury Department announced new guidelines that relate to the "economic necessity" requirement for Paycheck Protection Program loans. Differing from the original guidelines, the updated guidelines appear to indicate that the Treasury Department, as a matter of administrative policy, will not subject a PPP borrower with a loan amount of under $2 million to an …

Continue reading Treasury Department Announces Safe Harbor for PPP Borrowers with Loans of Under $2 Million