Paycheck Protection Program Flexibility Act Implements Significant Revisions to the PPP

Today, the President signed the Paycheck Protection Program Flexibility Act of 2020 (“the Act”) into law, making key modifications to the Paycheck Protection Program. The Act provides borrowers with much greater flexibility to spend their loan proceeds and seek forgiveness, as follows: Extension of Covered Period: The Act extends the “covered period” to incur costs […]

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SBA Issues Two Additional Final Rules on PPP Loan Forgiveness

On May 22, 2020, the Small Business Administration (“SBA”) issued two interim final rules providing guidance on the requirements for loan forgiveness and loan review procedures and related borrower and lender responsibilities under the Paycheck Protection Program (“PPP”). Loan Forgiveness Guidance The first interim final rule issued by the SBA provides noteworthy guidance on loan forgiveness. […]

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PPP Borrowers Who Received Loans of Less than $2 Million Deemed to Have Made Certification in “Good Faith;” Safe Harbor Return Period Extended to May 18

The Small Business Administration (SBA), in consultation with the Department of the Treasury, updated its Frequently Asked Questions (FAQs) to address the “necessity certification” in the Paycheck Protection Program (“PPP”) loan application and to extend the repayment period of “unnecessary” PPP loans to May 18 in order to allow entities to review the new guidance. […]

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DOL Issues New COVID-19-Related WARN FAQs and Updates FFCRA Q&As

The federal Department of Labor (DOL) issued new Worker Adjustment and Retraining Notification (WARN) Act COVID-19 Frequently Asked Questions and added to its extensive Questions and Answers resource for the Families First Coronavirus Response Act (FFCRA). WARN Act and COVID-19. The DOL has provided additional guidance for employers navigating the COVID-19 pandemic, by issuing a […]

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