SBA Issues Rule on Nondiscrimination and Student Workers
On May 5, 2020, the U.S. Small Business Administration (“SBA”) posted an eighth Interim Final Rule on Nondiscrimination and Additional Eligibility Criterion. This Interim Final Rule supplements the previously posted interim final rules and provides guidance on nondiscrimination obligations and additional eligibility requirements. For purposes of the Paycheck Protection Program (“PPP”), nonprofits must meet their […]
SBA Issues New Rule Regarding Extension of Limited Safe Harbor
On May 8, 2020, the U.S. Small Business Administration (“SBA”) posted a ninth Interim Final Rule on Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request. This Interim Final Rule revises the interim final rule posted on April 24, 2020, by extending the date by which certain Paycheck Protection Program (“PPP”) […]
SBA Publishes New Report on PPP Loan Approvals from April 27 to May 1
The U.S Small Business Administration (“SBA”) issued a new Paycheck Protection Program (“PPP”) report, providing information on the second round of PPP loan approvals from April 27, 2020 through May 1, 2020. Over 2.2 million loans have been approved, totaling more than $175 billion, since lenders resumed accepting loan applications on April 27. Over 5,400 […]
SBA Issues New Rule on Loans to Corporate Groups
On April 30, 2020, the U.S. Small Business Administration (“SBA”) posted a seventh Interim Final Rule on Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders. This Interim Final Rule supplements the previously posted interim final rules by limiting the amount of Paycheck Protection Program (“PPP”) loans that any single corporate group may receive, and […]
SBA Issues New Rule on Timing of Disbursements
On April 28, 2020, the U.S. Small Business Administration (“SBA”) posted a sixth Interim Final Rule on Disbursements. This Interim Final Rule supplements previous regulations and guidance on several important, discrete issues related to the Paycheck Protection Program (“PPP”). The immediate effective date of this Interim Final Rule will benefit lenders so that they can […]
SBA Will Audit PPP Loans Over $2 Million
In an interview this morning on CNBC, Treasury Secretary Steven Mnuchin indicated that the government will perform an audit on any company taking out more than $2 million from the small business loan [paycheck protection] program. “I’m going to be putting out an announcement later this morning that for any loan over $2 million, the […]
SBA Issues New Rule for PPP Loans to Seasonal Employers
On April 27, 2020, the U.S. Small Business Administration (“SBA”) posted a fifth Interim Final Rule on Additional Criterion for Seasonal Employees. This Interim Final Rule addresses the needs of certain potential borrowers that are seasonal employers by allowing seasonal employers to use an alternative base period for purposes of calculating the loan amount for which […]
SBA Posts New Rule with More Guidance on Affiliation and Eligibility for PPP Loans
On April 24, 2020, the U.S. Small Business Administration (“SBA”) posted a new Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliations, and Eligibility. This Interim Final Rule supplements previous regulations and guidance on several important, discrete issues with regard to the Paycheck Protection Program (PPP). Our summary below focuses on sections of this […]
SBA FAQ Addresses “Good Faith Certification” by PPP Loan Applicants
Visit our COVID-19 Resource Center for information on the latest developments with the Paycheck Protection Program and other relief measures. On April 23, 2020, the U.S. Small Business Administration (“SBA”) added a new Question/Answer to their Frequently Asked Questions (FAQs) about the Paycheck Protection Program (“PPP”). This document is intended to provide timely additional guidance […]
President Signs $484 Billion Coronavirus Aid Bill
On Friday, April 24, 2020, President Trump signed the $484 billion Paycheck Protection Program and Health Care Enhancement Act (H.R. 622) into law, after it was approved by the House of Representatives on April 23. The Senate previously approved this measure on April 21, after days of intense negotiations between the Treasury Security and leaders […]