Paycheck Protection Program Resource Center
January 7, 2021
The U.S. Congress created the Paycheck Protection Program in response to the global COVID-19 pandemic. Below is a collection of articles pertaining to the multiple elements of the program. This page will be updated as new guidance and rules are issued.
NEW STIMULUS EXTENDS PPP AND PROVIDES SECOND LOANS FOR SOME BORROWERS
The new stimulus package signed in late 2020 makes changes to the Paycheck Protection Program and adds money for new loans.
The Small Business Administration issued an SBA Procedural Notice establishing requirements under the Paycheck Protection Program for changes of control of the PPP loan Borrower.
SBA REQUESTS ADDITIONAL INFORMATION TO VERIFY NECESSITY OF PPP LOANS
On October 26 the Small Business Administration released a notice announcing that Loan Necessity Questionnaires would be sent to all PPP Borrowers that, together with their affiliates, received PPP loans in excess of $2,000,0000.
SBA MAKES MAJOR CHANGES TO LOAN FORGIVENESS FOR RENTERS FROM RELATED ENTITIES AND OWNER-EMPLOYEES
On August 24 the Small Business Administration issued an interim final rule addressing the impact of the limitations of loan forgiveness for payroll costs paid to owner-employees and the eligibility of certain nonpayroll costs for loan forgiveness.
8 THINGS TO KNOW ABOUT THE PPP LOAN FORGIVENESS FREQUENTLY ASKED QUESTIONS
On August 4 the Small Business Administration issued additional guidance on Paycheck Protection Program (PPP) through a series of frequently asked questions. Here are eight important takeaways from the FAQs.
WHAT PPP LOAN BORROWERS NEED TO KNOW: EZ LOAN FORGIVENESS & CHANGES IN THE LOAN FORGIVENESS PROCESS
On June 16, 2020, the SBA published an updated Loan Forgiveness Application and instructions and introduced a new EZ form of the Loan Forgiveness Application.
9 THINGS PPP LOAN BORROWERS SHOULD KNOW ABOUT THE PPP FLEXIBILITY ACT
New legislation enacted on June 5 attempts to provide additional flexibility to current and future borrowers under the Paycheck Protection Program.
TOP TEN TAKEAWAYS FROM SBA’S NEWLY RELEASED PPP LOAN FORGIVENESS APPLICATION
The Small Business Administration (SBA) released the much-anticipated Paycheck Protection Program (PPP) loan forgiveness application and we have a look at the most interesting elements from the application and its instructions.
SBA ANNOUNCES NEW SAFE HARBOR FOR PPP LOAN BORROWERS
The SBA’s FAQ #46 provides certainty to those borrowers with PPP Loans of less than $2,000,000.
WHAT PPP LOAN BORROWERS NEED TO KNOW ABOUT THE INTERIM FINAL RULES ON PPP LOAN FORGIVENESS
The Small Business Administration issues Final Interim Rules elaborating on the Paycheck Protection Program loan forgiveness process.
BEST PRACTICES TO MAXIMIZE PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS
This article suggests nine best practices to ensure maximum forgiveness for PPP loans.
PPP LOAN FORGIVENESS: AN OVERVIEW
A review of the CARES Act’s standards for loan forgiveness.
7 FAQS ON UPDATED GUIDANCE TO PAYCHECK PROTECTION PROGRAM
Since the passage of the CARES Act and the initial Interim Final Rule issued by the Small Business Administration, additional guidance has resulted in confusion for many applicants. Here are answers to seven commonly asked questions about the PPP.
HOW TO APPLY FOR A PAYCHECK PROTECTION PROGRAM LOAN
PPP loans are available on a “first come, first served” basis and each eligible borrower can apply for only one loan. A summary for eligible borrowers on how to apply for a PPP loan based upon the SBA’s interim final rule.
WEBINAR: USING PPP LOAN PROCEEDS TO MAXIMIZE FORGIVENESS
Watch our May 18 webinar discussing loan forgiveness under the CARES Act’s Paycheck Protection Program. Issues covered included forgivable expenses, different types of reductions in forgiveness, exemptions, and best practices.
The CARES Act establishes a new Paycheck Protection Program under the Small Business Administration’s Section 7(a) loan program designed to help eligible businesses stay open and retain employees by providing loans to pay operational costs during the COVID-19 emergency. These loans are forgivable if the borrower complied with certain conditions on how the funds are spent. This program is different from the existing SBA loans and the SBA Economic Injury Disaster Loan (“EIDL”) under Section 7(b) of the SBA Act established under the FFCRA.