SBA Essentially Exempts Loans of $50,000 or Less From Forgiveness Process

By |2020-10-12T10:25:14-05:00October 12th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack Late last week the Small Business Administration released additional guidance under the Paycheck Protection Program affecting borrowers with loans of no more than $50,000. The SBA created another forgiveness application form (3508S) for eligible borrowers which exempts them from the potential reductions in the amount of spending eligible for forgiveness. Borrowers [...]

SBA Revises Loan Forgiveness Application

By |2020-06-19T08:21:48-05:00June 17th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack The SBA released a revised application for forgiveness early this morning making changes necessitated by the PPP Flexibility Act. New guidance and a new EZ form with separate instructions were introduced as well. As for the application, some notable changes include: The application is now five (5) pages long without all of [...]

SBA Releases Guidance Following PPP Flexibility Act

By |2020-06-16T07:35:20-05:00June 11th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack In the wee hours of the morning of June 11, 2020 the SBA released interim final guidance revising the first guidance that they issued following the enactment of the CARES Act. This was the first of what likely will be several revisions to guidance that resulted from the passage of the [...]

Paycheck Protection Program Flexibility Act Headed to the President’s Desk

By |2020-06-04T08:07:42-05:00June 4th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack The Paycheck Protection Program Flexibility Act is one step away from becoming law. Without much fanfare or warning the Act was passed by voice vote In the US Senate without objection and now heads to the other end of Pennsylvania Avenue for the signature of the President. For some this will [...]

U.S. House of Representatives Passes PPP Flexibility Act

By |2020-05-29T08:29:30-05:00May 29th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack Yesterday the US House of Representatives overwhelmingly passed HR 7010, the Paycheck Protection Program Flexibility Act of 2020 (by a vote of 417 to 1) which if approved by the Senate and signed by the President will make significant adjustments to the Paycheck Protection Program. Specifically the bill does the following: [...]

SBA Releases Additional Forgiveness Guidance

By |2020-05-23T09:37:38-05:00May 23rd, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack As the late nightly newscasts were running through their copy one last time before going on the air Friday evening, the SBA released more guidance to start your holiday weekend. Most of it was helpful. Here are some of the highlights: 1. Where there is both a reduction in wages and [...]

SBA Releases PPP Loan Forgiveness Application

By |2020-05-19T08:09:32-05:00May 19th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack The SBA has released its first version of the application for loan forgiveness. You can download a copy of the application from our website by clicking here. The instructions for the application have provided some additional information on the forgiveness process and interpretation of expenses eligible for forgiveness. This is just the [...]

New PPP Eligibility Guidance Released by SBA

By |2020-05-13T13:57:20-05:00May 13th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack Less than an hour ago the SBA released “guidance” on the eligibility issue. Originally borrowers were given until May 7, 2020 to satisfy themselves that they met the standard that “current economic uncertainly makes this loan request necessary to support current operations…” SBA then extended the deadline to return funds with [...]

SBA Poised to Change PPP Eligibility Rules before May 14, 2020

By |2020-05-13T13:55:57-05:00May 11th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack Sometime before May 14, 2020 the Small Business Administration (the “SBA”) will issue new rules which some Paycheck Protection Program (“PPP”) borrowers will have to act upon before the clock strikes midnight and the calendar turns to May 15, 2020. Specifically, the SBA will be speaking to whether borrowers needed their [...]

PPP Loans to Large Companies Cause Backlash & Questions

By |2020-05-11T09:32:23-05:00April 27th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack On April 23, 2020, the Department of Treasury announced that Ruth’s Chris Steak House was returning their Paycheck Protection Program (PPP) loan proceeds and that further guidance would be released on qualification for the loan by large companies with adequate courses of liquidity to support the ongoing operations of a business. [...]

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