On June 22nd, the Small Business Administration (SBA) and Department of the Treasury released revisions to the interim final rule on forgiveness and the interim final rule on loan review procedures for PPP loans.
Companies planning to re-open their doors have a new resource to help them: The Occupational Safety and Health Administration (OSHA) has released guidance employers should use when developing policies and procedures that ensure the safety and health of their employees.
Wednesday, The Small Business Administration (SBA) released two important documents related to the Paycheck Protection Program (PPP):
New guidance from The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) outlines the differences between cloth face coverings, surgical masks and respirators.
PPP loan recipients gain new flexibility, while retaining loan forgiveness.
On May 15, 2020, the Small Business Administration (SBA) published a Loan Forgiveness Application that provides long awaited information regarding loan forgiveness under the Paycheck Protection Program (PPP). The PPP generally provides that borrowers are eligible for forgiveness of their PPP loans based upon certain qualifying expenses that arise during the eight-week period commencing on the date the loan was funded (which is known as the Covered Period).
New funding options may exist for businesses, thanks to a new bill from the House and several potential modifications to existing federal relief programs.
Companies that received PPP funds now have an extra week to decide if they should give them back.
There has been a clear shift in the political environment propelled by public discussions of certain large, public companies obtaining loans under the Paycheck Protection Program (the “PPP”) authorized by the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), including Shake Shack, Ruth’s Chris and others. During this time, many small businesses have been quoted in the press expressing frustration with their inability to access the PPP program prior to the first round of guarantee authority being exhausted.
New guidance assures that ESOP companies are eligible for key federal relief under the Paycheck Protection Program.