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…
On April 29, 2020, the Federal Reserve Board (the “Fed”) announced that it was expanding the Main Street Lending Program due to public feedback to expand its scope and eligibility and to create a new loan option. Unfortunately while the program has expanded, the Fed has still not announced an…
Participants in the Paycheck Protection Program (“PPP”) established by the CARES Act face an upcoming fork in the road. Those that have received funding under the PPP may be half-way through the eight week period to expend funds that will be eligible for forgiveness. But recent guidance calls for…
On April 16, 2020, the $349 billion allocated for the Payroll Protection Program (“PPP”) authorized by the CARES Act had been fully allocated. Due to the wide-ranging success of the PPP, Congress is working towards expanding the program to replenish the funds. It has been widely reported that the…
