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Charles Ciaccio

Updated SBA Guidance on First and Second-Draw PPP Loans Image

Updated SBA Guidance on First and Second-Draw PPP Loans

On Monday, January 11, The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) loan portal. Below is a summary of First and Second-Draw PPP loan eligibility requirements. On December 27, 2020, the Consolidated Appropriations Act, 2021, became law. Title III…

Additional SBA Guidance Released for PPP Loans Image

Additional SBA Guidance Released for PPP Loans

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…

Paycheck Protection Program (PPP) Resources Image

Paycheck Protection Program (PPP) Resources

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…

New SBA Guidance on PPP Necessity Certification and Forgiveness Image

New SBA Guidance on PPP Necessity Certification and Forgiveness

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…

New Information on Paycheck Protection Program (PPP) Loans Image

New Information on Paycheck Protection Program (PPP) Loans

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…

New SBA Guidance to PPP Loan Applicants Image

New SBA Guidance to PPP Loan Applicants

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…

Uses and Forgiveness of PPP Loans Image

Uses and Forgiveness of PPP Loans

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…

First Round of PPP Loan Funds Allocated: What it Means for Businesses Image

First Round of PPP Loan Funds Allocated: What it Means for Businesses

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…