Covid-19 Information Hub

On October 26, 2020, the Small Business Administration (“SBA”) released a notice seeking approval from the Office of Management and Budget for certain information collection related to its Paycheck Protection Program (“PPP”). While the notice did not provide much detail, it mentioned the addition of two forms: Form 3509—Loan Necessity […]

The Federal income tax consequences related to Paycheck Protection Program (“PPP”) loans guaranteed by the Small Business Administration (“SBA”) continue to be an important, yet somewhat uncertain, consideration for all borrowers. Under regular Federal income tax principles, the forgiveness of a loan generally results in a business realizing cancellation of […]

On October 8, 2020, the Small Business Administration (“SBA”) published its twenty-fifth Interim Final Rule related to the forgiveness of certain loans made pursuant to its Paycheck Protection Program (“PPP”). PPP loans of $50,000 or less will benefit from a simpler application and exemptions from certain requirements imposed on borrowers. […]

On October 2, 2020, the Small Business Administration (“SBA”) published a Procedural Notice regarding a change in ownership of a borrower of a Paycheck Protection Program (“PPP”) loan. The Notice provides the procedures that a borrower must satisfy prior to completing a change of ownership during the term of its […]

On September 11, 2020, the U.S. Department of Labor (“DOL”) posted revisions to its original regulations that implemented the paid sick leave and expanded family and medical leave provisions of the Families First Coronavirus Response Act (“FFCRA”). The revisions come after the U.S. District Court for the Southern District of […]