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    Weekly Update for Government Contractors and Commercial Businesses - May 29, 2020

    May 29, 2020

    House Passes Legislation Modifying Existing PPP Regulations

    By Isaias "Cy" Alba IV
    Practice Area: Government Contracts Law
    Client Alerts
    May 28, 2020 - On May 28, 2020, the U.S. House of Representatives passed the Paycheck Protection Program Flexibility Act of 2020 (the Act), new legislation meant to provide additional assistance to small businesses and loosen regulations related to the Paycheck Protection Program (PPP). Should this bill become law, it would make major adjustments to the PPP.

    The Paycheck Protection Program Loan Forgiveness Application: Cracking the Code and Deciphering the Confusion

    By Isaias "Cy" Alba IV and Anna R. Wright
    Practice Area: Government Contracts Law
    Client Alerts
    May 28, 2020 - As noted in our previous alert, SBA recently released its long-awaited PPP Loan Forgiveness Application. Unfortunately, the Forgiveness Application is difficult to understand and complete. To help crack the code, we have put together the following analysis with our review of the application, SBA's newly released guidance as to the loan terms, and key issues in the application, as well as input from our accounting partners.

    DOD Issues New CARES Act, Section 3610 Guidance

    Client Alerts
    May 19, 2020

    SBA Issues Long-Awaited PPP Loan Forgiveness Application

    Client Alerts
    May 18, 2020

    Weekly Update for Government Contractors and Commercial Businesses - May 15, 2020

    Weekly Update Newsletter
    May 15, 2020

    SBA Implements WOSB / EDWOSB Certification Requirement and Revises Economic Disadvantage Criteria for 8(a) Eligibility, Including Treatment of Retirement Accounts

    Client Alerts
    May 13, 2020 - Just under one year ago, we wrote about the Small Business Administration's (SBA) proposed rule regarding implementing a certification requirement for Women-Owned Small Businesses (WOSBs) / Economically Disadvantaged Women-Owned Small Businesses (EDWOSBs) and revised economic disadvantage criteria for 8(a) eligibility. SBA's final rule was recently published, implementing just that. The rule will impact businesses seeking to compete for government contracts under the WOSB and 8(a) Business Development programs.

    Social Engineering Fraud: 4 Steps Every Company Needs to Take Right Now

    Client Alerts
    May 13, 2020 - GovCon Co., a successful government contractor, receives an email from the billing or accounting representative of a trusted vendor, subcontractor, or teaming partner asking for payment of an outstanding invoice stating, "Please note our new bank account information in your system for any current and future wire transfers." GovCon Co. wires the money to this trusted business partner, believing it has satisfied its payment obligations. A few weeks later, the business partner calls and asks why its latest invoice has not been paid. An investigation ensues, and it is discovered that GovCon Co., in wiring the money to the new bank account, was actually paying a cyber thief who had posed as the trusted business partner. This is called social engineering fraud, and all companies (particularly government contractors) must take immediate action to protect themselves from social engineering attacks that could result in losses in the hundreds of thousands or even millions of dollars.

    SBA, Treasury Issue New Guidance Concerning Good-Faith Certification on the Necessity of Their Loan Request

    Client Alerts
    May 13, 2020 - On May 13, 2020, the Small Business Administration ("SBA") and Treasury Department ("Treasury") released new guidance concerning good-faith certification for Paycheck Protection Program ("PPP") loan requests. This new guidance clarifies that businesses seeking a PPP loan of less than $2 million will have made their request in good faith unless proven otherwise.

    House Introduces New Legislation Allowing Startups To Access PPP Funding

    Client Alerts
    May 12, 2020 - On May 8, 2020, Congresswomen Anna Enshoo and Cathy McMorris introduced the Caring for Startup Employees Act of 2020, a bipartisan piece of legislation aimed at granting more economic assistance to startup companies through the Paycheck Protection Program (PPP). Should this bill become law, it would dramatically increase the number of companies eligible for PPP loans.

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