The Small Business Administration (“SBA”) has officially discontinued use of the Loan Necessity Questionnaire previously required for forgiveness of Paycheck Protection Program (“PPP”) loans of $2 million or more.
On March 26, 2021, the Department of Justice (“DOJ”) issued a press release trumpeting the agency’s “historic level of enforcement action” in response to COVID-19 related fraud.
On March 11, 2021, President Biden signed the American Rescue Plan Act into law.
It was only a matter of time. On January 12, 2021, the Department of Justice (“DOJ”) announced that it had reached its first civil settlement regarding allegations of fraud related to the Paycheck Protection Program (“PPP”).
On October 8, 2020, the Small Business Administration and Treasury released a new, simpler loan forgiveness application for Paycheck Protection Program (“PPP”) borrowers with loans of $50,000 or less. The new process for smaller loans will reduce the burden on both small business borrowers and their lenders.
The U.S. Department of Justice has made clear that it is pursuing civil enforcement actions and criminal prosecution of fraudsters exploiting the COVID-19 pandemic.
While the 5-page Paycheck Protection Program (“PPP”) Loan Forgiveness Application looks pretty simple, those who have already worked with the form know that it is not.
Since the Paycheck Protection Program Flexibility Act became law on June 5, 2020, Treasury and the Small Business Administration (“SBA”) have released several new and revised rules for the Paycheck Protection Program (“PPP”). This guidance implements provisions of the PPP Flexibility Act and makes other changes to the program.
On June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPP Flexibility Act”). Though several Senators had raised concerns about the House bill, ultimately the Senate passed the House version with no changes, avoiding negotiations on a final bill.