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By Caleb Williams, Attorney in the Business & Taxation Law Practice Group On May 5, 2020, the Department of Treasury updated the PPP Frequently Asked Questions to announce it was extending the safe-harbor deadline for repayment of unneeded PPP loan proceeds to May 14, 2020. The original guidance provided that the safe harbor ended on …
By Caleb Williams, Attorney in the Business & Taxation Law Practice Group Congress has approved additional funding for the Paycheck Protection loan program for small businesses. The action allocates an additional $310 billion to the program. The CARES Act, which created the loan program, allocated an initial $349 billion to fund PPP loans. That funding …
By Erich Paetsch, Creditor’s Rights & Bankruptcy and Litigation Attorney When the Coronavirus, Aid, Relief and Economic Security (CARES) Act became law on March 27, 2020, government support programs were made available to independent contractors and other small businesses decimated by COVID-19 and the public health response. In a rapidly changing environment, many of these small …
By Caleb Williams, Business & Taxation Attorney, and Erich Paetsch, Creditor’s Rights & Bankruptcy and Litigation Attorney The US Treasury in coordination with the US Small Business Administration just released its initial guidance for borrowers and lenders on the Paycheck Protection Program loans authorized by the CARES Act. The guidance includes important information for small …
The Coronavirus Aid, Relief, and Economic Security Act, or “CARES Act” was signed into law on March 27, 2020, in response to the Coronavirus (COVID 19) pandemic. The CARES Act provides financial assistance to small businesses impacted by COVID 19. To assist our clients in understanding what benefits may be available through this legislation, we …