COVID Resources

Small Business

Paycheck Protection Program Flexibility Act – June 5, 2020 Update

On Wednesday, June 3, the Senate passed the House version of the Paycheck Protection Program Flexibility Act of 2020. As its name suggests, the legislation is intended to give borrowers more flexibility by extending the amount of time to spend PPP funds and by relaxing other requirements. The bi-partisan legislation is expected to be signed by President Trump.

Good News for PPP Loans Under $2 Million

On Wednesday, May 13, the SBA issued additional guidance extending an automatic safe harbor to borrowers with PPP loans less than $2 million. These borrowers are deemed to have made the required certification in good faith. This bright-line test is a relief for many who applied for loans and had concerns that some future SBA…
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Paycheck Protection Program Forgiveness Template

It’s been an intense couple of weeks. The next task for those who submitted loan applications for the Paycheck Protection Program (PPP) will be to determine how much of the loan will be forgiven. The attached template should help – it is intended as a planning tool. Guidance is sparse and we expect the administration…
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