SBA Issues New PPP Loan Forgiveness FAQs

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The Small Business Administration (SBA) has issued Paycheck Protection Program (PPP) Loan Forgiveness FAQs. We will be reviewing this information and will post additional updates highlights related to PPP loan forgiveness procedures and/or requirements. If you need assistance, please contact Bob Grossman, Don Johnston or Mike Weber at 412-338-9300. The extended deadline for applying for […]

SBA’s EIDL Advance Program Ends as Demand Exceeds Available Funds

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On July 11, 2020, the U.S. Small Business Administration (SBA) announced the conclusion of the Economic Injury Disaster Loan (EIDL) Advance program, which provided a total of $20 billion in emergency funding. According to information provided by the SBA, the funds assisted nearly six million small businesses employing 30.5 million people. Lawmakers envisioned the program, […]

PPP Application Period Extended and Loan Recipient Data Released

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The application window has been extended until August 8, 2020, for loans from the Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Following the original application deadline of June 30, 2020, the SBA summary report showed that nearly $132 billion in funding was still available. The President approved the extension […]

New SBA Interim Final Rule Offers Further Guidance on PPP Loan Forgiveness

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As noted in an prior post, the Small Business Administration, (SBA), in consultation with the Treasury, recently issued further guidance on the Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The guidance was released in a new Interim Final Rule issued by the SBA and Treasury on June 22,2020. That […]

SBA and Treasury Issue Final PPP Guidance

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Long-awaited guidance on the Paycheck Protection Program (PPP), Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule, was issued on June 22, 2020, by the Small Business Administration (SBA) in consultation with the Department of the Treasury. The release is 34 pages in length and will require some time […]

SBA’s EIDL Program Reopened

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The U.S. Small Business Administration (SBA) announced that the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal has been reopened to all eligible applicants experiencing economic impacts due to COVID-19.  The SBA stopped accepting new EIDL applications on April 15, 2020, after the initial funding provided in the CARES Act was depleted. In […]

SBA & Treasury Announce Forthcoming Updates to PPP Rules

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The Small Business Administration (SBA) and the U.S. Treasury issued a joint statement on June 8, 2020, announcing forthcoming updated rules and guidance  for the Paycheck Protection Program (PPP). These modifications will implement the changes legislated by the newly enacted PPP Flexibility Act. Importantly, this statement provides clarification regarding eligibility for partial loan forgiveness under […]

Paycheck Protection Program Loan Forgiveness Application Released

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The Small Business Administration (SBA), in consultation with the U.S. Department of Treasury released their Paycheck Protection Program (PPP) loan forgiveness application on Friday, May 15, 2020. Included with the application are detailed instructions for completion of the form, which add clarification to many questions borrowers have been asking with respect to the forgiveness aspects […]

SBA Releases Good News for PPP Loan Borrowers Under $2 Million

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With pressure mounting and a looming potential deadline for borrower amnesty for Paycheck Protection Program (PPP) loans inappropriately taken, the Small Business Administration (SBA) has provided good news for borrowers. The SBA released additional guidance (in the form of a new PPP FAQ) on May 13, 2020, to address the “good faith certification” regarding the […]