Banking & Finance Law Report

Archives: Paycheck Protection Program

Subscribe to Paycheck Protection Program RSS Feed

Preparing for PPP loan reviews and appeals: Avoiding potential pitfalls

More than $800 billion in Paycheck Protection Program (PPP) loans were approved over the life of the program that was created by the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to support small businesses in payroll and certain non-payroll expenses during the pandemic. Some or all of the funds may be forgiven. My colleagues Brad Hughes and Carrie Garrison explain in this Porter Wright Law Alert the forgiveness process, how to appeal a decision and other potential issues.…

Better late than never? COVID-19 appropriations package addresses key issues in Paycheck Protection Program redux

On Dec. 20, 2020, U.S. Congress authorized a second wave of COVID-19 relief by way of a second significant stimulus package. The bill was in limbo until it was finally signed into law a week later. The 5,593-page bill features enhanced unemployment payments and direct cash payments to Americans nationwide, and it also makes several adjustments to the Paycheck Protection Program (PPP).

My colleagues Jack Beeler and Cat Rice explain the second wave of this program, what differs from the first wave, eligibility, forgiveness and much more in this Porter Wright Law Alert.…

Paycheck Protection Program loan necessity questionnaire

Borrowers of Paycheck Protection Program (PPP) loans – together with their affiliates – who have loans in excess of $2 million and seek loan forgiveness will potentially need to complete necessity questionnaires according to the Small Business Administration. There are separate forms for for-profit and non-profit businesses and will likely affect 52,000 borrowers.

My colleagues Jack Beeler, Cat Rice and Jack Meadows explain the purpose and questions asked in these questionnaires in this law alert.…

Changes of ownership and PPP loans

The U.S. Small Business Administration (SBA) has released a long-anticipated procedural notice related to changes of ownership in an entity that has received a Paycheck Protection Program (PPP) loan. While this guidance was released to all SBA employees and PPP lenders, it is relevant for PPP borrowers looking to undergo a change of ownership, as well as for buyers and sellers of PPP borrowers. My colleagues Jack Beeler and Jack Meadows explain the notice in this Porter Wright Law Alert.…

Paycheck Protection Program closes; new FAQs on loan forgiveness released

The Paycheck Protection Program (PPP) is now closed to new applicants. While talks on extending or changing the program have stalled on Capitol Hill, the Small Business Administration (SBA) has issued 23 more frequently asked questions specifically related to loan forgiveness. These FAQs are contained in a separate list from the previously released FAQs last updated on June 25, 2020 that focused on PPP loan eligibility and similar questions. My colleagues Jack Beeler, Jack Meadows and Cat Rice explain in this Porter Wright Law Alert.

 …

LexBlog