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May 2020

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May 22, 2020 On Friday, May 15th, the SBA released the Paycheck Protection Program (PPP) Loan Forgiveness Application, with accompanying instructions. Our team has been brushing up on the details, and though there are still unanswered questions, we now have a good indication of the rules...

On May 13th, Treasury updated its Paycheck Protection Program (PPP) Frequently Asked Questions document by adding #46. As a reminder, in FAQ #31, Treasury had added an unclear requirement requiring that each borrower assess their ability to access other sources of liquidity in relation to their certification for the...

May 7, 2020 The SBA issued revised guidance via FAQ #43 extending the “safe harbor” deadline from May 7th until May 14th relating to repayment of any PPP loan already funded. All borrowers were required to reevaluate whether their loan certification was valid based on revised (but unclear) guidance requiring...

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