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News Brief header Congress has passed the PPP Extension Act of 2021, a 60-day extension of the U.S. Small Business Administration’s (SBA) Payment Protection Program (PPP), which was set to expire on March 31.

The bill will be sent to President Joe Biden shortly, who is expected to sign the extension before the expiration of the program. The bill pushes back the application deadline for borrowers until May 31. The bill also allows 30 additional days for the SBA to finish processing applications received by the May 31 deadline. The extension passed by Congress does not provide any additional funding for the current round of the program.

News Brief header The Biden administration recently announced a 14-day period of the U.S. Small Business Administration’s (SBA) Payment Protection Program (PPP) when only businesses with fewer than 20 employees can apply for relief.

This period will begin Wednesday, Feb. 24, and conclude on Wednesday, March 10. Biden also announced four other changes to expand the benefits of the PPP program to underserved small businesses, including:

News Brief header

The U.S. Department of Treasury and the U.S. Small Business Administration (SBA) have announced that beginning Monday, Jan. 11, applications will be accepted for the second round of loans in the SBA’s Payment Protection Program (PPP).

This second round includes $284 billion in funding that was allocated for the PPP in the stimulus bill passed on Dec. 27, This round of funding will run through March 31, 2021.

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...