Insights on Business Loan Task Force
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On March 25, 2021, Congress passed the PPP Extension Act of 2021 (PPP Extension Act), to extend the application window for small businesses to apply for Paycheck Protection Program (PPP) loans by an additional two months.
The Employee Retention Tax Credit (ERTC) has been expanded and extended further, providing relief to small and large employers affected by COVID-19 business disruptions. As we approach the one-year anniversary of its original enactment, employers should take a fresh look at their eligibility for the
The new guidance includes helpful information about additional ‘eligible costs’ for which PPP funds may be used.
The recently-passed Consolidated Appropriations Act, 2021 (the “CAA”) augments the CARES Act by expanding the existing Paycheck Protection Program (“PPP”) and adding additional stimulus programs in an attempt to lay some traction to the most troubled sectors of the US economy.
The highly anticipated coronavirus relief package was passed by Congress late on December 21, 2020, and is expected to be signed into law in the coming days.
After months of debate, Congress has passed, and President Trump is expected to sign, a COVID-19 relief, appropriations, and tax bill. Doubtlessly, the Bill, which is nearly 6,000 pages long, will undergo much scrutiny and analysis over the ensuing days and weeks.
On Monday, December 14, Senator Joe Manchin (D-WV) and Senator Susan Collins (R-Maine) introduced the “Emergency Coronavirus Relief Act of 2020,” which would provide another round of relief to combat the economic fallout resulting from COVID-19.
The Paycheck Protection Program (PPP) established under the CARES Act was among the tools used to assist small businesses suffering from the COVID-19 pandemic.
On October 30, the US Small Business Administration quietly and without alerting borrowers, circulated to Paycheck Protection Program lenders a draft questionnaire titled “Paycheck Protection Program — Loan Necessity Questionnaire (For-Profit Borrowers).”
Effective October 30, 2020, the Federal Reserve updated its Term Sheets and Frequently Asked Questions (the “Updated FAQs”) describing the Main Street Lending Program (the “Program”) to expand the number of businesses that may be eligible to borrow under the Program.
For several weeks, parties to pending merger and sale transactions involving Paycheck Protection Program (PPP) loans have been asking what will happen to PPP loan forgiveness applications if a borrower sells its business prior to receiving confirmation of forgiveness; a process that has barely start
On Friday, July 17, 2020, the Federal Reserve Board released term sheets for the nonprofit loan facilities (the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF) (each a Facility, and together with the Facilities)).
Arent Fox is counseling clients on the business loan programs included in the CARES Act.
Effective June 20, 2020, the Federal Reserve updated its Term Sheet and Frequently Asked Questions (the “Updated FAQs”) describing the Main Street Lending Program (the “Program”) to expand the number of businesses that may be eligible to borrow under the Program.
Effective June 20, 2020, the Federal Reserve updated its Term Sheet and Frequently Asked Questions (the “Updated FAQs”) describing the Main Street Lending Program (the “Program”) to expand the number of businesses that may be eligible to borrow under the Program.
On June 17, 2020, the US Small Business Administration (SBA), in consultation with the Department of the Treasury, published a new PPP Loan Forgiveness Application Form 3508EZ (EZ Forgiveness Application), which requires fewer calculations and less documentation for eligible borrowers.
Draft term sheets issued by the Federal Reserve Board announce a proposed expansion of the Main Street Lending Program to certain Nonprofit Organizations.
The Arent Fox Business Loan Task Force invites you to join our webinar to learn more about the Paycheck Protection Program (PPP), how to seek loan forgiveness, and the details of the newly passed guidance on loan forgiveness, resulting from the PPP Flexibility Act.
The Paycheck Protection Program Flexibility Act of 2020 removes the CARES Act provision that disallows employers who obtain forgiveness of a PPP loan from deferring the employer portion of Social Security taxes until December 31, 2021 (one-half) and December 31, 2022 (one-half).
On Friday, June 5 President Trump signed the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act) into law.
On May 22, 2020, the Small Business Administration (SBA) and US Department of Treasury released long-promised forgiveness regulations (Regulations) for the Paycheck Protection Program (PPP).
You’ve secured a PPP Loan to help weather the pandemic. Now, the SBA and Treasury have released a Loan Forgiveness Application to help lighten your financial burden. In today’s podcast, Aaron Jacoby, Russ McRory, and Justin Goldberg discuss the rules, application, and impact on the auto industry.
On May 15, 2020, the Small Business Administration (SBA) released the Loan Forgiveness Application for loans under the Paycheck Protection Program (PPP). The release of the Forgiveness Application sheds further light on the process that borrowers will use to apply for the forgiveness of PPP loans.
Notable developments involving eligibility under the Paycheck Protection Program and the PPP’s loan forgiveness process have occurred in recent days.
Congress created the Paycheck Protection Program (PPP), part of the CARES Act and administered by the Small Business Administration (SBA) and Treasury Department, to provide relief to small businesses in dire need of financial support during the COVID-19 pandemic.