On Aug. 4, SBA released a set of answers to frequently-asked questions concerning the PPP forgiveness process. Now that the covered period is 24 weeks, most borrowers with ongoing operations are not concerned about hitting their maximum forgiveness. But there are...
For months, the debate has been coming to a boil: To what extent should a business, hospital, or other open-to-the-public entity be exposed to Covid-19 related tort liability? Republicans have predicted a wave of litigation and called for creation of an affirmative...
Senate Republicans have announced a framework for the HEALS Act, which will include a Round 2 of the Paycheck Protection Plan. A lot of provisions will remain the same (i.e., 2.5x monthly payroll will set the loan amount). But there are some key differences in the...
The trend is clear: The government is making PPP loans more and more stress-free. First, SBA decided it would assume the truth of the “necessity” certification for loans under $2 million. Second, the government created safe harbors for the headcount calculation....
Borrowers and lenders are now preparing to process applications for forgiveness of PPP loans. In the past month, the government has taken several steps to convert PPP from a loan program to more of a grant-with-strings program. But borrowers will still be obligated to...
On Tuesday, the SBA limited the sum of owner compensation that may count toward forgiveness of a PPP loan; on the other hand, the agency confirmed that up to $46,154 may count toward forgiveness for any ordinary employee. Congress amended the PPP rules two weeks ago,...
On June 15, 2020, the Supreme Court decided a landmark case extending the workplace protections offered under Title VII to gay and transgender individuals. Title VII of the Civil Rights Act of 1964 prohibits workplace discrimination on the basis of race, color,...
The most generous business-stimulus plan in U.S. history has just become even more enticing. Following President Trump’s signature, the PPP Flexibility Act will practically ensure that a surviving business can receive full forgiveness of its loan. Here are the key...
The PPP Flexibility Act is now heading to President Trump’s desk, following a unanimous vote by the Senate Wednesday evening. The legislation was previously passed by the House, by a 417-1 vote, reflecting a strong desire to expand the forgiveness of small-business...
On Thursday, the U.S. House voted 417-1 to approve sweeping changes to the Paycheck Protection Program, extending the 8-week period to 24 weeks, loosening the 75%/25% payroll expenses ratio, and lengthening the maturity period. Read the entire bill here. My summary of...
