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Charles Ciaccio
Additional SBA Guidance Released for PPP Loans
- Keenan Weatherford
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- May 15, 2020
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
- KO Firm
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- May 15, 2020
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
- Keenan Weatherford
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- May 13, 2020
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
- Keenan Weatherford
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- May 11, 2020
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
- Charles Ciaccio
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- April 30, 2020
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
- Keenan Weatherford
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- April 29, 2020
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
- Charles Ciaccio
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- April 17, 2020
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…
Paycheck Protection Program Loans: New SBA Guidance
- Charles Ciaccio
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- April 15, 2020
Last week and over the past two days, new guidance has trickled out of the SBA regarding the Paycheck Protection Program loans (PPP Loans). Specifically, a third Interim Final Rule was issued and the FAQ was updated. Below we’ve outlined important updates for you to know. Check our PPP resource…