Trenam News

On July 3, 2020, the President signed legislation extending the application deadline for small businesses to apply for the Paycheck Protection Program (“PPP”). The original deadline to apply for a PPP loan was June 30, 2020. Both houses of Congress unanimously passed the “PPP Extension Act” last week, and with…

The Small Business Administration (the “SBA”) continues to issue additional guidance for borrowers and lenders under the Payroll Protection Program (“PPP”) Flexibility Act of 2020 (the “PPP Flexibility Act”).  This week, three additional Interim Final Rules and additional Frequently Asked Questions (“FAQs”) were published. The first Interim Final Rule (the…

The Small Business Administration (the “SBA”) last week issued a new Interim Final Rule on PPP loan forgiveness (the “Update Forgiveness IFR”) and provided two new Loan Forgiveness Applications.  For the most part, these new publications implement the changes made by the PPP Flexibility Act (see Trenam Alerts: "What Will…

On June 11, 2020, the Small Business Administration (the “SBA”) issued a new Interim Final Rule (the “Update IFR”) that updates its original Interim Final Rule on the Paycheck Protection Program (“PPP”) loans to coordinate with the changes made by the Paycheck Protection Program Flexibility Act of 2020 (the “PPP…

On June 3, 2020, the U.S. Senate passed the “Paycheck Protection Program Flexibility Act” (the “PPP Flexibility Act”), which previously had been passed by the House of Representatives on a vote of 417-1 on May 28.  The President signed it into law on June 5, 2020. The PPP Flexibility Act…