SBA Tag

Legal Update HeaderOn Oct. 13, 2020, the Small Business Administration (SBA) published a new set of answers to frequently asked questions about the forgiveness of loans issued under the federal Paycheck Protection Program (PPP).

The PPP was created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) as a response to the current COVID-19 pandemic and was designed to provide a direct incentive for employers to keep their workers on the payroll. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

The Small Business Administration (SBA) and Department of Treasury recently released a streamlined loan forgiveness application called the EZ Forgiveness Application. This newly-released three-page EZ application is significantly shorter than the traditional loan forgiveness application and requires fewer calculations and less documentation than the full application. WHO...

The Small Business Administration (SBA) recently released two additional final interim rules to provide further guidance for Paycheck Protection Program (PPP) loan borrowers and lenders. Specifically, the two rules provide guidance for loan review procedures, loan forgiveness, and borrower and lender responsibilities. This article provides a...