We discuss below some of the more important recent developments involving Federal COVID-19 stimulus. June 30, 2020 is the last day a Paycheck Protection Program loan can be approved. If you are eligible for a ...
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Summary The FASB issued ASU 2020-05(1)(“ASU”) to provide a one-year deferral of the effective dates of: ASC 842, Leases, for all private companies and certain not-for-profit entities ASC 606, Revenue from Contracts with Customers, for ...
On Monday of this week, we reported that the House of Representatives had passed by a 417-1 vote the Paycheck Protection Program Flexibility Act (“H.R.7010”). This bill would relax the Paycheck Protection Program (“PPP”) loan ...
We’ve written extensively about the Paycheck Protection Program (“PPP”) enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES” Act). You can find our PPP observations and explanations on the COVID-19 Resources ...
At 10:00 p.m. CDT on Friday (May 22, 2020), the Small Business Administration (“SBA”), in coordination with the U.S. Treasury Department, issued two Interim Final Rules (“IFRs”) addressing forgiveness of Payroll Protection Program (“PPP”) loans. ...
One of the highly publicized centerpieces of the Federal government’s COVID-19 response is the Paycheck Protection Program (“PPP”) enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES” Act). We’ve written extensively ...
Friday (May 15, 2020) evening, the Small Business Administration (“SBA”) and the Department of Treasury released the Paycheck Protection Program (“PPP”) Loan Forgiveness Application (the “Application”). The PPP was enacted on March 27, 2020, as ...
This morning (May 13, 2020), the Small Business Administration (“SBA”) published Paycheck Protection Program (“PPP”) Loans Frequently Asked Question (“FAQ”) #46 and its answer. The SBA provides therein that any borrower that, together with its ...
On May 4, 2020, we published an article about the current effort of the administration and of both sides of the Congressional aisle to browbeat companies into returning PPP loans by May 7. We concluded ...
The Take Away The Paycheck Protection Program (“PPP”) is part of the hastily-drafted 880-page Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), enacted March 27, 2020. The Federal government alleges that certain recipients of ...
The Coronavirus Aid, Relief, and Economic Security Act, enacted on March 27, 2020, contained the Paycheck Protection Program (“PPP”), a $349 billion financial relief measure for, generally, small businesses. The PPP provides loans to small ...
Late yesterday, the SBA issued additional guidance for the Paycheck Protection Program, and it specifically addresses the often-asked question of how self-employed and partner income should be included in the loan application. The new guidance ...
