Loan Program Temporary Changes News Today

The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of...

To embed, copy and paste the code into your website or blog: Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans On January 6, 2021, the Small Business Administration (the “ SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (sometimes referred...

On January 6, 2021, the Small Business Administration (the “ SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“ Second Draw Rules”). These rules announced the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “ Economic Aid Act”). The SBA also released an Interim Final Rule called “Business Loan Program Tempor...

The Coronavirus Aid, Relief, and Economic Security Act (as amended and modified, the “ CARES Act”) was enacted to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 emergency. Among other provisions, the CARES Act allowed Congress to authorize the Small Business Administration (“ SBA”) to temporarily guarantee forgivable loans under a new 7(a) loan program titled the Paycheck Protection Program (“ PPP”). On December 27, 2020, the Economic ...

On January 6, 2021, the Small Business Administration (the “ SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“ Second Draw Rules”). These rules announced the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “ Economic Aid Act”). The SBA also released an Interim Final Rule called “Business Loan Program Tempor...

The SBA issued an interim final rule “Business Loan Program Temporary Changes; Paycheck Protection Program—Revisions to Loan Amount Calculation and Eligibility” which revises the maximum loan calculations for sole proprietors who file Schedule C returns. The interim rule allows the maximum loan amount to be calculated using gross income instead of net profit.

To print this article, all you need is to be registered or login on Mondaq.com. Soon after Congress passed the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in March 2020, the Criminal Division of the U.S. Department of Justice (DOJ) moved quickly to address potential COVID-19 related fraud. One area of early focus was the Paycheck Protection Program (PPP), a program under the CARES Act that provides loans to small businesses to help pay employees. The...

To embed, copy and paste the code into your website or blog: Soon after Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in March 2020, the Criminal Division of the U.S. Department of Justice (DOJ) moved quickly to address potential COVID-19 related fraud. One area of early focus was the Paycheck Protection Program (PPP), a program under the CARES Act that provides loans to small businesses to help pay employees. The Fraud Section set up a team devoted to...

Struggling businesses adversely impacted by the COVID-19 pandemic now have access to a second round of Paycheck Protection Program (“PPP”) stimulus funding enacted as part of the...

To embed, copy and paste the code into your website or blog: COVID-19 has, without question, tragically impacted our health as well as irrevocably altered much of our way of life. Federal assistance in the form of the Coronavirus Aid Relief, and Economic Security Act (CARES Act), signed March 27, 2020, provided much needed emergency assistance in many ways across numerous sectors for our personal and economic wellbeing. Included as part of that Act was the creation of the Paycheck Protection Pr...