The Aug. 8 deadline to submit a Paycheck Protection Program (PPP) loan application has come and gone, making this a good time for an update on where the program stands. As borrowers begin to focus on the forgiveness process, they should pay particular attention to the following items: On Aug. 4,...
Small businesses that were among the first to receive loans through the Paycheck Protection Program (PPP) may be preparing to file the application to have all or part of the loan forgiven. But new legislative changes could shift those plans as the program evolves. The U.S. House on Thursday overwhelmingly passed...
The U.S. Small Business Administration (SBA) has extended the safe harbor period for returning Paycheck Protection Program (PPP) funds until May 14, 2020. The new guidance stated that the extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor. When applying for PPP...
The CARES Act created the Paycheck Protection Program (PPP), which provides loans to small businesses with fewer than 500 employees, or a maximum tangible net worth of $15 million as of March 27, 2020, and an average net income of $5 million or less over the previous two fiscal years....
The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. We strongly recommend that clients immediately: Review and download the Paycheck Protection Program application Review and download the accompanying borrower guide Contact your local banker to discuss the lender guide to ensure they are aware of...