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Elizabeth Boone

Elizabeth advises clients on business transactions and compliance matters domestically and internationally, including contract negotiation, establishment and maintenance of legal entities, establishment of terms and conditions for the sale of goods, privacy compliance matters, employment matters and real estate transactions. She regularly assists clients with ensuring compliance with GDPR, EU ePrivacy Directive (cookie law), CCPA, and other state-specific privacy laws.

Increased Flexibility in Paycheck Protection ProgramOn June 5, 2020, the Paycheck Protection Program (PPP) was amended by the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). PPPFA gives borrowers relief from some of the original terms of the PPP loans (as well as terms imposed by the Small Business Administration (SBA) through Interim Final Rules and other guidance) by

SBA Issues Interim Final Rule on PPP Loan ForgivenessUnder the Paycheck Protection Program (PPP), borrowers can seek loan forgiveness of the full principal amount of loans as early as eight weeks after disbursement of the loan proceeds. On May 22, 2020, the U.S. Small Business Administration (SBA) issued its Interim Final Rule regarding the loan forgiveness application process in advance of anticipated loan

SBA Extends PPP “Safe Harbor” to May 18The Small Business Administration (SBA) issued a second update to its answers to frequently asked questions about the Paycheck Protection Program (PPP) on May 13, 2020. This update extends the “safe harbor” period for businesses to return funds received under the PPP and be deemed by the SBA to have submitted their prior certification of

SBA Updates “Economic Uncertainty” Certification GuidanceThe Small Business Administration issued an important update to its answers to frequently asked questions about the Paycheck Protection Program (PPP) on May 13, 2020:

Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?

Answer: When submitting a PPP application, all borrowers must certify in good faith that

SBA Extends PPP “Safe Harbor” to May 14, 2020, and DOJ Announces First PPP ChargesThe Small Business Administration (SBA) updated its answers to frequently asked questions about the Paycheck Protection Program (PPP) on May 5, 2020, as follows:

Question: FAQ #31 reminded borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of

Federal Reserve Expands Scope of Main Street Lending Program and Announces New DetailsOn April 30, the Federal Reserve announced substantial changes to the initial terms of its Main Street Lending Program originally released on April 9, 2020:

After receiving over 2,200 comment letters and consulting with investment banks and financial institutions about the initial terms, the Federal Reserve has now expanded the scope of available loan options

SBA’s New Corporate Group Limitation and Additional PPP Loan GuidanceIn the last few days, the Small Business Administration (SBA) provided additional answers to frequently asked Paycheck Protection Program (PPP) questions and published yet another interim final rule on the administration of PPP loans. Applicants and borrowers should be aware of these updates to ensure compliance with the latest program requirements and avoid any non-compliance

PPP Funds Expanded and SBA Provides Continued Guidance on PPP LoansOn April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act was signed into law and provided an additional $310 billion for the Paycheck Protection Program (PPP). The Small Business Administration (SBA) resumed accepting PPP loan applications on April 27, 2020. In light of the quick exhaustion of initial PPP loan funds, eligible

SBA Updates PPP Guidance on “Current Economic Uncertainty” CertificationOn April 23, 2020, the Small Business Administration (SBA) updated its Answers to Frequently Asked Questions about the Paycheck Protection Program (PPP). Among the most noteworthy updates is the following answer provided by the SBA about the so-called “current economic uncertainty” certification that PPP borrowers are required to make:

Question: Do businesses owned by large

New SBA Guidance for Partnerships and LLCs Applying for Paycheck Protection Program LoansOn April 14, 2020, the Small Business Administration (SBA) posted an additional Interim Final Rule for the Paycheck Protection Program (PPP). This new Interim Final Rule functions as a supplement to the first PPP Interim Final Rule posted on April 2, 2020. The April 14, 2020, Interim Final Rule is effective immediately and gives guidance