Small Business Administration

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

All Small Mentor-Protégé Program 2020 Mid-Year ReportThe Small Business Administration (SBA) began accepting applications for the All Small Mentor-Protégé Program (ASMPP) in 2016 and has seen a surge in applications in each successive year.

Under the ASMPP, any small business – including 8(a) small businesses, Historically Underutilized Business Zone (HUBZone) small businesses, veteran-owned and service-disabled veteran-owned small businesses (VOSB/SDVOSBs), woman-owned and

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 Issues Long-Awaited Rule on Women-Owned Small Business CertificationThe Small Business Administration (SBA) recently published its long-awaited final rule implementing a 2015 statutory requirement to certify Women-Owned Small Business Concerns (WOSBs) and Economically Disadvantaged Women-Owned Small Business Concerns (EDWOSBs) participating in the Procurement Program for Women-Owned Small Business Concerns. Notably, the SBA’s final rule also adjusts the dollar threshold for determining whether an

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

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