PPP LOANS – ROUND 2 Please note the Eligibility for a loss in revenue is 25 percent for any quarter of 2020. On December 27, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (“PPP2 Act”) came into law, changing rules for Paycheck Protection Program (“PPP”) loans, including...
PPP Loan Forgiveness Application For Loan Forgiveness The Paycheck Protection Program Flexibility Act of 2020 (“PPF”), augmenting the Paycheck Protection Program Coronavirus Aid, Relief and Economic Security (CARES) Act (“PPP”) provides businesses more time and flexibility on the PPP loan repayment terms. The U.S. Treasury, through the...
Relaxed and More Flexibility Great news! Loans under the Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security (CARES) Act (“PPP”), and most importantly, the forgiveness requirements provisions have been somewhat relaxed as of this morning by passage of amendments to the PPP Act (“PPPFA”). The changes will...
Paycheck Protection Program (PPP): Are you off the hook? The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides that loans made under the Paycheck Protection Program (“PPP”) do not require a personal guarantee or collateral. However, this waiver does not mean that the individual shareholders, members, or...
I know that many clients have questions about the CARES Act loans. As noted in this web document is the update and documents on how to get started. While loans/money will be available at the end of this week, my experience is that the process is much slower than predicted....
How can a business stay afloat during the Coronavirus shutdown? Coronavirus Aid, Relief and Economic Security Act (the “CARES” Act) became law on March 27, 2020. The Act contains wide-ranging provisions for government assistance to industries, enterprises and individuals. Summarized below are some of the most salient provisions relating to...