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
SBA Updates PPP Guidance on “Current Economic Uncertainty” Certification
On 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
Critical PPP Issues for Government Contractors
Many federal contractors have already taken advantage of the Paycheck Protection Program (PPP), which was established by the CARES Act to help small businesses and other eligible applicants survive the economic impact of the COVID-19 pandemic. Under the PPP, eligible borrowers receive a loan from the government that is forgivable if they fulfill certain conditions
CARES Act & GovCon: Are PPP Loans Truly Forgivable?
Many federal contractors have already been taking advantage of the Paycheck Protection Program (PPP), which was established by the CARES Act to help small businesses and other eligible borrowers make payroll and survive the economic impact of COVID-19. While PPP loans will hopefully provide critical relief to many, they may come with more strings attached
New SBA Guidance for Partnerships and LLCs Applying for Paycheck Protection Program Loans
On 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
OSHA Issues Temporary Guidance on Enforcement of Employers’ COVID-19 Recordkeeping
On April 10, 2020, the Occupational Safety & Health Administration (OSHA) issued interim guidance for the enforcement of employer reporting requirements arising from COVID-19 illnesses that will remain in effect during the duration of the “current public health crisis.” The guidance clarifies when employers must record COVID-19-related cases. Such a case is recordable if an
New Main Street Lending Program Will Facilitate Lending to Mid-Size Businesses
Yesterday, the Federal Reserve announced a new “Main Street” Lending Program that will facilitate lending by banks and other financial institutions to mid-size businesses. The program is comprised of two separate facilities: the “Main Street New Loan Facility” and the “Main Street Expanded Loan Facility.”
Under the CARES Act enacted on March 27, 2020, Congress
Two Emails Don’t Always Equal One Contract: Contracts in the World of COVID-19
The coronavirus (COVID-19) has changed many of our personal and professional lives. This includes working from home and increased communication by email. During this time, many business decisions will be made through email, including entering into contracts. Owners, developers, and contractors should be aware of the pitfalls associated with negotiating contracts by email. While released
SBA Issues Continued Guidance on PPP Loans
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,