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This program goes beyond the usual overviews of the Paycheck Protection Program (PPP).

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.

On May 16, 2020, the Small Business Administration (“SBA”), in consultation with the Department of the Treasury, released the Paycheck Protection Program (“PPP”) Loan Forgiveness Application (the “Application”), available here.

On May 13, 2020, the Department of the Treasury and the Small Business Administration (“SBA”) released guidance on how SBA will review a borrower’s required certification that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”

In this webinar, V&E attorneys Caroline Blitzer Phillips, Adrianne Goins, Brittany Sakowitz and Daniel Graham discuss the Coronavirus Aid, Relief and Economic Security Act (“the CARES Act”), the Paycheck Protection Program (“PPP”) established as a result, the various requirements of PPP applicants, and the adjustments to the program made in the days and weeks following.

On May 5, 2020, the Department of the Treasury and the Small Business Administration (“SBA”) extended the safe harbor for repaying Paycheck Protection Program (“PPP”) loans from May 7 to May 14, 2020.

On April 30, 2020, the Federal Reserve (the “Fed”) announced an expansion of the scope of its previously announced Main Street New Loan Facility and Main Street Expanded Loan Facility and provided additional guidance in the form of Frequently Asked Questions (FAQs).

On April 23, 2020, the Department of the Treasury (“Treasury”) and the Small Business Administration added FAQ 31 to the Frequently Asked Questions (“FAQs”) on Paycheck Protection Program (“PPP”) loans.

The U.S. Department of the Treasury has released a web-based application for loans under the $17 billion loan program for businesses critical to maintaining national security created by the CARES Act.

The U.S. Congress passed legislation to increase funding for coronavirus relief programs on Thursday, April 23, 2020.

The Small Business Administration (“SBA”) and the Department of the Treasury have released additional guidance on the Paycheck Protection Program (“PPP”) established under the CARES Act.