On August 4, 2020, the SBA issued guidance in the form of new FAQs regarding loan forgiveness applications for the Paycheck Protection Program. The guidance comes out in anticipation of the SBA accepting loan forgiveness applications beginning August 10, 2020. The FAQs mostly reinforce previously…
Small businesses that are interested in applying for a Payroll Protection Program loan (“PPP Loan”) have until this Saturday, August 8th, to submit their loan application. As of August 3rd, over $130 billion in PPP Loan funds are still available, and unless an extension from Congress is approved…
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…
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”)…
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…
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…
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 (“PPPFA”)…
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 loans…
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…
On May 29, 2020, Governor Holcomb announced the Small Business Restart Fund (“Grant”) which takes $30,000,000 in federal funding made available through the CARES Act and creates grants for Indiana small businesses.
In order to qualify for the Grant, the applicant must meet all of the following…
Late in the evening on May 22, 2020, the SBA and Treasury released two new interim final rules (“New IFRs”) for the Paycheck Protection Program (“PPP”) that provide clarity on loan forgiveness and the loan review process and responsibilities. In many places, the New IFRs confirmed guidance that had…
On Friday, May 15, 2020, the SBA published the Paycheck Protection Program Loan Forgiveness Application (“Application”) and Instructions. To access the Application and instructions please click here.
The Application provides much needed guidance on the process by which borrowers will ultimately…
