On April 7, 2020, the Small Business Administration (SBA) issued additional guidance on the Paycheck Protection Program (PPP) in the form of answers to frequently asked questions about the PPP. According to the new guidance, actions taken by lenders or borrowers that conform to the guidance, the SBA’s Interim Final Rule, and any subsequent
What Small Businesses Need to Know about New PPP Guidance
Last week, the Small Business Administration (SBA) published its Interim Final Rule providing formal guidance on the implementation of the Paycheck Protection Program (PPP) authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Under the PPP, the SBA is authorized to guarantee a total of $349 billion in loans through June 30,
CARES Act: “Maintaining the resilience of our Federal contracting base”
In the wake of the COVID-19 pandemic response, government contractors have experienced varying degrees of work disruption. As highlighted recently by the Office of Management and Budget (OMB), “Federal contractors play a vital role in helping agencies meet the needs of our citizens, including the critical response efforts to COVID-19.” OMB noted that (1) safety,