SBA Procedural Notice for PPP Loan Forgiveness
On July 23, 2020, the Small Business Administration (SBA) issued a procedural notice to lenders participating in the Paycheck Protection Program (PPP) concerning the loan forgiveness application process. The notice informs lenders that beginning August 10, 2020, they may begin submitting forgiveness applications through an online platform. The notice states that the SBA intends to […]
COVID-19 Hazard Pay Grant Program Available in PA
On July 16, 2020, Pennsylvania Governor Tom Wolf announced the availability of $50 million in grant funding to assist employers in providing hazard pay to employees performing life-sustaining jobs during the COVID-19 pandemic. The intent of the COVID-19 Hazard Pay Grant Program (Program) is to ensure that front-line employees in vital industries are able to […]
Guidance for Businesses in Pennsylvania’s “Green Phase”
On June 26, 2020, twelve more counties in Pennsylvania (some of which were hit the hardest by COVID-19) will be moving into the “Green Phase” of Governor Tom Wolf’s process to reopen Pennsylvania. This means all counties, with the exception of Lebanon County, will be “Green.” The Green Phase is the third of three phases […]
SBA Simplifies PPP Forgiveness
As many business owners are well aware, the Paycheck Protection Program (PPP) rules and guidelines regarding loan forgiveness are complex and carry a high compliance burden. In order to obtain PPP loan forgiveness, borrowers are required to complete a rather complicated forgiveness application that is then reviewed by the borrower’s lender. In response to comments […]
Updated Guidance for Businesses Reopening in Pennsylvana
More than two months have passed since Governor Tom Wolf declared the closing of non-life-sustaining businesses. During these months of closure and stay-at-home, Governor Wolf introduced a phased reopening plan for Pennsylvania in which a three-phase approach (Red, Yellow and Green Phases) is used to determine when counties and/or regions are ready to begin opening […]
Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010)
Following significant backlash from business owners, members of Congress, accountants, academics and others, yesterday, Congress passed H.R. 7010, otherwise known as the Paycheck Protection Program Flexibility Act of 2020, and is expected to be signed into law by the President, today, June 4, 2020. H.R. 7010 is a bill that modifies the CARES Act in […]
PPP Loan Forgiveness – Frequently Asked Questions
Updated May 18, 2020 What is “loan forgiveness”? The main benefit of the Paycheck Protection Program (PPP) is that if the proceeds from the loan are properly spent within the eight week “Covered Period”—which begins, at the election of the applicant, on the day the PPP proceeds are deposited into the applicant’s bank account or […]
Updated PPP Good-Faith Certification Guidance
(Updated May 14, 2020) On May 13, 2020, the Treasury Department updated its Frequently Asked Question list to provide guidance regarding the much talked about “good-faith certification” that each borrower must make on its Paycheck Protection Program (PPP) application. Specifically, in order to obtain PPP funds, the borrower must certify that “Current economic uncertainty makes […]
Paycheck Protection Program and Emergency Economic Injury Disaster Grants Re-Funded
Today, April 24, 2020, President Trump signed into law an amendment to the CARES Act relating to additional funding for the Paycheck Protection Program (PPP), Emergency Economic Injury Disaster (EIDL) grants, and other disaster loans. Specifically, the amendment provides for an extra $310B in funding for PPP and $10B for EIDL grants. Additionally, $50B in […]
Prepare Today for Expected Additional PPP & EIDL Funding
Later this week and possibly as soon as Thursday, April 23, 2020, it is anticipated that Congress will approve an additional $310B in Paycheck Protection Program (PPP) funding and allocate an additional $10B for Emergency Injury Disaster Loans (EIDL) after the initial round of funding for both programs quickly dissolved. As with the first wave […]