Under 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
OSHA’s COVID-19 Enforcement Updates: Case Response Plan and Employer Recordkeeping Guidance
On May 19, 2020, OSHA issued an Updated Interim Enforcement Response Plan for Coronavirus Disease to address how the administration intends to handle COVID-19 related complaints, referrals and reports. At the same time, OSHA also issued Revised Enforcement Guidance for Recording COVID-19 Cases. Both the plan and the updated guidance go into effect on
SBA Extends PPP “Safe Harbor” to May 18
The 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 Guidance
The 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 Charges
The 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 Details
On 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
UPDATE: Critical PPP Issues for Government Contractors
We recently reported on a series of Paycheck Protection Program (PPP) issues that uniquely impact government contractors. As we noted, particularly concerning for federal contractors is that agencies may seek credits or deductive changes from contractors who receive PPP loans. We specifically noted that the Department of Defense’s (DoD) implementation of CARES Act guidance is
SBA’s New Corporate Group Limitation and Additional PPP Loan Guidance
In 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 Loans
On 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
2020 Construction Planning in the Wake of COVID-19
The COVID-19 pandemic swiftly eroded recent gains in the U.S. and world economies and has exposed economic and societal vulnerabilities that many believed, or at least hoped, would never come to light. There’s no doubt the virus is negatively affecting the economy, American workers and families. Although construction has been deemed “essential” to one degree