Paycheck Protection Program

On September 16, 2021, the U.S. Small Business Administration (“SBA”) issued an Interim Final Rule (the “Borrower Appeal Rule”) detailing the (largely technical) procedures for a Paycheck Protection Program (“PPP”) borrower to appeal certain final PPP loan review decisions to the SBA’s Officer of Hearings and Appeals (the “OHA”).[i]  The below summarizes the process

Originally published on April 14, 2020. Last updated as of September 24, 2021.
This alert (I) summarizes the key terms of the PPP (as amended and supplemented by the Economic Aid Act, the EAA Updated Rules and the ARPA), (II) addresses certain frequently asked questions that Proskauer attorneys have addressed, and (III) provides a brief

On Monday, February 22, 2021, President Biden announced changes to the Paycheck Protection Program (the “PPP”) aimed at providing relief to particularly small businesses and promoting equitable access to the PPP. Specifically, beginning on Wednesday, February 24, 2021 at 9:00 A.M. EST, the Small Business Administration established a two-week exclusivity period where only businesses and

Summary of Key Changes and Expansion of the Paycheck Protection Program under the Consolidated Appropriations Act, 2021
On December 27, 2020 the Consolidated Appropriations Act, 2021 – containing a new $900 billion COVID-19 relief stimulus package – was signed into law.  The Act includes significant modifications and extensions of the Paycheck Protection Program (“PPP”) including:

On November 17, 2020, the U.S. Internal Revenue Service (“IRS”) posted new FAQs providing that an acquisition of the stock or assets of a company that has received a loan under the Paycheck Protection Program (the “PPP”) generally will not cause the acquirer and members of its aggregated employer group (as defined below) to jeopardize

Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, millions of businesses have applied for and received a Paycheck Protection Program (the “PPP”) loan from the U.S. Small Business Administration (the “SBA”) (for the current terms, laws and rules governing the PPP see our client

On April 28, 2020, Treasury Secretary Mnuchin announced that companies that received loans of more than $2 million through the Paycheck Protection Program (“PPP”) of the CARES Act will be closely scrutinized.  Mr. Mnuchin’s announcement followed public outcry after reports surfaced that large, and even publicly-traded, companies received loans through the PPP, which can be

In a Q&A published this morning, the Small Business Administration (SBA) made some significant clarifications concerning the certification every PPP Borrower is required to make that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”  Noticeably, despite the fact that under the CARES Act, the SBA rule that

The new $349 billion Payment Protection Program (“PPP”) administered by the Small Business Administration under the CARES Act began accepting loan applications on April 3, 2020, with more than $4.3 billion of loans processed on the first day alone. Proceeds of these loans may be used for payroll, utilities, rent and mortgage payments.  While many

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) approved by Congress and signed by the President on March 27, 2020 will provide approximately $2 trillion in financial assistance to businesses and individuals to combat the effects of the COVID-19 pandemic. This client alert focuses on key provisions of Title I of the