Congress just passed new legislation with significant changes to the PPP forgiveness terms. Titled the Paycheck Protection Flexibility Act, Congress’s goal was to ease the burden on businesses for allocating and spending PPP funds within a finite period of time. Passing with overwhelming bi-partisan support, President Trump is expected to sign this Act into law.
As promised, today the SBA published its latest round of guidance on the Paycheck Protection Program (“PPP”) and the “good faith” certification. We have discussed this topic in detail here and here. Back on April 23rd, in light of public outcry over large, publicly traded companies receiving PPP loans, the SBA clarified that only companies
We recently held an interactive session with government contractors following up our earlier post about provisions in the CARES Act Payroll Protection Program (PPP) and section 3610 that affect those companies doing business with the U.S. Government. In the session, we do a deeper dive and answer questions from government contractors about when and how
The SBA published new guidance for the Paycheck Protection Program on April 23rd. To no one’s surprise given the press around the first wave of the loans, the SBA ratcheted up the certification requirements for these loans. In a PPP loan application, a borrower needs to certify that the “current economic uncertainty makes this loan