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Below we’ve summarized potential implications of the latest SBA updates to the Paycheck Protection Program (“PPP”) Loans. “Safe Harbor” for Returning PPP Loan Funds Extended to May 18 The application for a PPP Loan required the applicant to certify that “current economic uncertainty makes this loan request necessary to support…

While it’s critical to stay informed during this challenging time, businesses and employees alike are being inundated with information and resources regarding the COVID-19 pandemic, including the host of new laws that have been passed. We’ve provided this resource page to help you quickly access the most timely updates. To…

Below we’ve summarized recently released information related to the Paycheck Protection Program Loan (“PPP Loan”) program. New Guidance With Regard to the Certification of “Necessity” of PPP Loan. The application for a PPP Loan required the applicant to certify that “current economic uncertainty makes this loan request necessary to support…

Below we’ve summarized recently released information related to the Paycheck Protection Program (PPP) Loans. $20 million Cap on PPP Loan Funds Available to “Corporate Groups” Businesses that are part of a “single corporate group” may receive only up to $20 million of PPP Loan funds in the aggregate. This limitation…

Last week, additional SBA guidance was issued providing additional clarity to the certification all PPP loan applicants must make that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” The new guidance language indicates in part that “Borrowers must make this certification in…

As companies begin to receive funds under the Paycheck Protection Program (PPP) Loans, they should keep in mind certain restrictions and guidelines regarding use of the funds. The funds are permitted to be used only for certain expenses. In addition, in order for a loan recipient to be eligible for…

As businesses face significant challenges and uncertainty in light of the COVID-19 pandemic, KO Law Firm partner Dan Fredrickson recently led a webinar on identifying and managing COVID-19 legal risks. Dan discusses key legal issues that businesses should consider regarding new stimulus measures such as the Families First Coronavirus Response Act…

The SBA indicated yesterday that all Congressionally appropriated funds for the Paycheck Protection Program loans (“PPP Loans”) have now been allocated. What does this mean for me? Even if you have not yet received your funding, you might still have your place in line for this first round of PPP…