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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...
To embed, copy and paste the code into your website or blog: There are a few things to keep in mind in regard to the Small Business Administration (the “ SBA”) and the Paycheck Protection Program (“ PPP”) loan forgiveness review process. Adding on to the initial PPP funding, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “ Economic Aid Act” or “ PPP2 Act”) was followed by new forgiveness application forms and the Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (“ 2021 Forgiveness IF...
To embed, copy and paste the code into your website or blog: On December 9, 2020, the U.S. Small Business Administration (SBA) and the U.S. Treasury Department (“Treasury”) updated a set of FAQs concerning the Paycheck Protection Program (“PPP”). The FAQs have been updated to include FAQ #53, which addresses a PPP loan borrower’s necessity certification. As we already know, the SBA is reviewing all PPP loans of $2 million or more (and other loans as appropriate) for eligibility, fraud or abuse, and compliance with loan forgiveness requirements.[1] As part of its review process, the ...
To embed, copy and paste the code into your website or blog: The Small Business Administration (SBA) announced in April 2020 that it will audit all loans of $2 million or more (including loans made to covered affiliates) at the time that loan forgiveness is sought, and other loans, as appropriate, will be reviewed for eligibility, fraud, abuse, and compliance with loan forgiveness requirements. SBA has now issued Loan Necessity Questionnaires (Questionnaires) through SBA Form 3510, applicable to for-profit and not-for-profit borrowers respectively, to facilitate the collection of supplementa...