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…
Simultaneously with issuing its Interim Final Rule of PPP Loan Forgiveness on Friday night, May 22, 2020, the Small Business Administration (the “SBA”) issued guidance on the review procedures for PPP loans and related obligations of borrowers and lenders, in the form of another Interim Final Rule (the “Review Procedures…
Around or after 10:00 pm on the evening of Friday, May 22, 2020, the Small Business Administration (“SBA”) and the Treasury Department issued an Interim Final Rule on PPP Loan Forgiveness (the “Forgiveness IFR”). This Rule confirmed much of the guidance previously issued by the SBA in its forgiveness Application,…
Late on Friday, May 15, 2020, the Treasury Department and Small Business Administration issued the much awaited Form 3245, Loan Forgiveness Application (the “Application”) with instructions. For a copy of the Application and to view the press release, click here. We are continuing to evaluate the Application, and will provide…
On May 13, 2020, the SBA issued additional guidance on the PPP loan “necessity” certification. This new guidance reverses course from the broadly worded original guidance, which was interpreted by many to mean that all borrowers of PPP loans needed to be worried, to exempt from SBA scrutiny any borrower…
Typically, when a business obtains a loan, the loan proceeds are not includable in the gross income of the borrower for tax purposes at the time of the loan. Generally, the loan proceeds can then be spent for any business purpose (subject to loan covenants). Throughout the life of the…
Stephanie Lieb spoke with the Tampa Bay Times for its May 2, 2020 story on the economic impact COVID-19 is having on Florida, and she addressed the potential rise in bankruptcies in the coming months. Industries that were already teetering, like retail and restaurants, were hit hard by the shutdown,…
In the May 2020 issue of Retire Ahead, a monthly newsletter released by Tribune Publishing, Tate Taylor answers key questions regarding the impact the provisions to the CARES Act is having on retirement finances. “These changes may provide important financial relief to individuals facing adverse financial consequences as a result…
On April 24, 2020, Don Weinbren shared insight with the Tampa Bay Business Journal on the application process for Small Business Administration (SBA) loans after a new bill added billions for the Paycheck Protection Program. After the SBA system was flooded with applications during the first round of funding, the…
