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As companies of all types and sizes continue to deal with the potential legal implications of the COVID-19 pandemic for their businesses, Jackson Walker provides insights and resources on the COVID-19 Legal Resources & Insights site.
To embed, copy and paste the code into your website or blog: Starting around October 26, 2020, the Small Business Administrations (the “SBA”) asked Paycheck Protection Program (“PPP”) lenders to provide certain questionnaires to PPP borrowers with loans of $2 million or greater. There are two questionnaire forms on the Treasury: Form 3509 for for-profit borrowers and Form 3510 for non-profit borrowers. On December 9, 2020, the SBA released FAQ 53, which provides some clarifications on the questionnaire (the “FAQ #53”). Update: Starting in March 2021, we saw borrowers with loans of...
Below are 10 important things to know about the Paycheck Protection Program (“PPP”) Loan Forgiveness Applications and the detailed instructions for the revised and updated applications...
Last updated: May 18, 2021 Overview On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act” (“Economic Aid Act”). The Economic Aid Act made available approximately $284.5 billion in new Paycheck Protection Program (“PPP”) funding and reopened the PPP for first- and second-draw loans on terms that are generally favorable to microbusinesses. The American Rescue Plan Act, which became law on March 11, all...
As President Biden extended the application deadline for the Paycheck Protection Program until May 31, many eligible small business owners completed their applications and have been waiting for approval. Funding for the program, however, has reportedly run out just a few days into the month of May. Loan agents such as Womply sent out mass emails to applicants Tuesday evening updating them on the news of the funding shortage and encouraging business owners to not give up. Womply is hopeful that if small business owners across the country contact the President Biden, the Small Business Administ...