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COVID-19 Legal Resources

Olshan Frome Wolosky LLP is gathering information related to COVID-19 issues and concerns to assist clients in navigating the national and New York states of emergency.

We will continue to prepare updates during this fluid situation. Clients and friends are encouraged to contact us with specific legal or operational questions or issues.

Showing 11 posts in Paycheck Protection Program (PPP).

PPP Loan Forgiveness Application Revised

On June 16, 2020, the Small Business Administration revised the loan forgiveness application for loans issued under Paycheck Protection Program and issued a new interim final rule, to reflect changes made by the Payroll Protection Program Flexibility Act of 2020.  This blog post outlines important changes in the new guidance. Read More ›

The Paycheck Protection Program Flexibility Act

Stay up to date on recently released guidance and the tools you will need to make sure you properly apply for PPP loan forgiveness. Read More ›

The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010)

On June 5, 2020 (the Enactment Date), the President signed the Paycheck Protection Program Flexibility Act of 2020 (the Flex Act), after the Senate approved the House bill without change. While the Flex Act makes welcome improvements to the Paycheck Protection Program (PPP), implementing administrative guidance remains necessary. On June 8, the SBA issued a press release clarifying a key Flex Act provision on loan forgiveness and outlining its initial regulatory priorities (the Press Release). Read More ›

PPP LOAN UPDATE: Extension of Safe Harbor Repayment Date to May 18

Following up on the certification relief announced May 14 in Q&A-46, the SBA issued new Q&A-47, extending the safe harbor repayment date for a PPP loan from May 14 to May 18 for a borrower that determines that it can no longer certify that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations.”  While welcome, this extension does not add much on the certification issue, because a borrower can obtain the same protection afforded under the safe harbor (as announced in Q&A-31 and Q&A-43) by taking advantage of the certification relief announced in Q&A-46 (which allows a borrower to repay a PPP loan upon notification from the SBA in the event of a certification failure after SBA loan review). Read More ›

PPP Loan Update – SBA Allows LLCs and Partnerships to Seek PPP Loan Increase

Well after the Paycheck Protection Program (PPP) loan window opened, the Small Business Administration (SBA) unexpectedly changed the treatment of limited liability company members and partners, essentially recharacterizing them as employees (instead of self-employed individuals) for PPP loan purposes.  Because this regulatory change came so late in the game, many partnerships and LLCs did not take into account member/partner compensation on their PPP loan applications, causing these early birds to understate their requested loan amount. Read More ›

Update On PPP Loans - Major Change to Employee Counting Rules and Due Date Extension

The Small Business Administration (“SBA”) issued important new guidance, changing the rules for counting employee towards the 500-employee limit and extending the due date for the repayment of Paycheck Protection Program (“PPP”) loans. This client alert explains the new guidelines and related considerations. Read More ›

Paycheck Protection Program Loans Capped at $20 Million per Single Corporate Group

In new guidance issued on April 30, 2020, the Small Business Administration (“SBA”) stated that businesses that are part of a “single corporate group” may not receive Paycheck Protection Program (”PPP”) loans exceeding $20 million in the aggregate for the “single corporate group.”  This cap is effective immediately with respect to any PPP loan that has not been fully disbursed by April 30, 2020. This client alert explains the new guidelines and related considerations. Read More ›

Paycheck Protection Program Update – New Funding and New Eligibility Guidance

On April 24, 2020, the President signed into law additional funding for the Paycheck Protection Program (“PPP”). According to a joint press release from Secretary Mnuchin and SBA Administrator Carranza, the Small Business Administration (“SBA”) will resume accepting PPP applications on Monday, April 27th at 10:30 AM. Read More ›

Paycheck Protection Program Update – SBA Adds New Restrictions on Access

On April 23, 2020, the Small Business Administration issued new guidance apparently intended to severely restrict access to Paycheck Protection Program (PPP) loans. Although apparently issued in response to large PPP loans made to several publicly traded companies, the new guidance is not limited to public companies and applies to all PPP loan applicants. This client alert explains the new guidelines and related considerations. Read More ›

The CARES Act – Opening Day Update on Paycheck Protection Program Loans

On Friday, April 3, the Small Business Administration (“SBA”) opened the window for loan applications under the Paycheck Protection Program (“PPP”) established under the CARES Act. During the overnight hours just before starting the intake process, the SBA also released a revised PPP loan application form and additional regulatory guidance with important new information Read More ›

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