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…
[UPDATE MAY 13, 2020] - Welcome guidance was issued today by the Small Business Administration (SBA) in the form of FAQ #46 regarding a borrower’s certification of the necessity of a loan under the Paycheck Protection Program (PPP). The guidance provides a safe harbor for PPP loans with an original…
UPDATED - The Small Business Administration issued guidance on May 5th that extends until May 14, 2020 the safe harbor for returning the PPP loan proceeds. Our alert first published on April 30, 2020 has been updated to reflect this and to add some other guidance on the issue of “necessity.”
Governor Eric Holcomb recently signed Executive Order 20-23, which provides further relief for Indiana businesses in light of COVID-19.
A. Remote Annual Meetings for Corporations and Meetings for Nonprofit Organizations
Remote annual meetings of shareholders are now authorized during the…
Guidance continues to be issued by various governmental agencies regarding the Paycheck Protection Program (the “PPP”) established by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). On April 30, 2020, the Internal Revenue Service (“IRS”) issued new and supplementary…
