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Paycheck Protection Program - Possible Extended Life

Posted by: Robert A. Greising and Corben A. Lee on July 1, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

Last night, the United States Senate passed legislation by unanimous consent to extend the deadline for borrowers to apply for funds under the Paycheck Protection Program (“PPP”) from June 30, 2020, until August 8, 2020. The legislation will need to be passed in the House of Representatives and...


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Tax-Exempt Organizations Should be Prepared to File and Pay the Section 4960 Excise Tax on Executive Compensation by July 15, 2020

on June 30, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

The Tax Cut and Jobs Act of 2017 (“TCJA”) added Section 4960 to the Internal Revenue Code (the “Code”), which imposes a new 21% excise tax on compensation paid by certain tax-exempt organizations and related parties (the “Excise Tax”). In December of 2018, the Internal Revenue Service (“IRS”)...


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Paycheck Protection Program: Aggregated Guidance for Loans and Forgiveness

on June 25, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

Did you really need those PPP funds? Did you spend 75% of your PPP funds on payroll costs, or wait, is that standard 60%? Did you lay off all of your employees and are hurrying to hire them back? What if they won’t come back?  Do you need a few more weeks to spend your PPP funds on forgivable...


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PPP Loan Forgiveness Applications Available

Posted by: Robert A. Greising and Corben A. Lee on June 19, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

Late in the evening on Tuesday, June 16, 2020, the SBA published a revised Paycheck Protection Program Loan Forgiveness Application (“Application”) and the Paycheck Protection Program EZ Loan Forgiveness Application (“EZ Application”) and corresponding instructions. These replace the forgiveness...


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PPP and PPPFA Additional Guidance:  No Cliff

on June 12, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

The SBA issued additional guidance late in the day on June 10, 2020 through a further Interim Final Rule (“June 10 IFR”) that revises its First Interim Final Rule posted on April 2, 2020 to bring it into line with the changes authorized by the Paycheck Protection Program Flexibility Act...


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Fed's Main Street Lending Program Expanded

Posted by: Robert A. Greising and Corben A. Lee on June 10, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

On June 8, 2020, the Federal Reserve Board (the “Fed”) issued a press release indicating that it will expand the terms of the Main Street Lending Program to allow more small and medium-sized businesses to apply.

The changes to the program include: lowering the minimum loan size for certain...


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PPP Extended Life and Expanded Flexibility [Updated June 9, 2020]

Posted by: Robert A. Greising and Corben A. Lee on June 9, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

The Paycheck Protection Program received extended life and expanded flexibility, when on June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). The Department of the Treasury and the Small Business Administration also issued a joint...


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