CARES Act and PPP: Important Updates Regarding Loan Forgiveness Calculations and Returns

On May 5, 2020, the Small Business Administration (“SBA”) and U.S. Treasury Department (“Treasury”) revised their FAQ concerning the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the Paycheck Protection Program (“PPP”). Of note, this new guidance clarifies PPP loan forgiveness amount calculations and extends the deadline for PPP borrowers to return loan proceeds. According to Question 40 of the FAQ, a PPP loan borrower’s forgiveness amount will not be reduced should the company make a good faith attempt, . . . Read More

$484 Billion Relief Bill Signed Into Law, $310 Billion Allocated to Paycheck Protection Program

H.R. 266 , the Paycheck Protection Program and Health Care Enhancement Act, was signed into law today. Appropriating $484 billion in relief for the COVID-19 outbreak, it provides additional funding for small business loans, healthcare providers, and COVID-19 testing. The Small Business Administration (SBA) has been unable to accept new applications for the Paycheck Protection Program or the COVID-19 related Economic Injury Disaster Loan (EIDL) assistance program (including EIDL Advances) because Coronavirus Aid, Relief, and Economic Security Act funding was exhausted. The . . . Read More

Weekly Update for Government Contractors and Commercial Businesses – April 24, 2020

If you have questions concerning the content below, please visit this link . COVID-19 Client Resource Center: To access resources for businesses navigating the COVID-19 crisis, we invite you to visit PilieroMazza’s “ COVID-19 Client Resource Center .” Please contact covid19@pilieromazza.com for immediate assistance. SMALL BUSINESS PROGRAMS & ADVISORY SERVICES $484 Billion Relief Bill Signed Into Law, $310 Billion Allocated to Paycheck Protection Program, April 24, 2020, Dave Shafer H.R. 266 , the Paycheck Protection Program and Health Care Enhancement Act, was signed into law today. Appropriating $484 . . . Read More

BLOG: Do You Meet the Unique Eligibility Requirements for a PPP Loan?

If you missed the first batch of loans under the Paycheck Protection Program (“PPP”) and want to determine if you are eligible for the next wave of funding that is expected to be added soon, this is what you need to know. Not surprisingly, given this is a very sought-after program, PilieroMazza attorneys are fielding a lot of questions from firms wondering if they qualify for a PPP loan. There are several requirements that need to be considered when assessing eligibility . . . Read More

Weekly Update for Government Contractors and Commercial Businesses – April 10, 2020

If you have questions concerning the content below, please visit this link . COVID-19 Client Resource Center: To access resources for businesses navigating the COVID-19 crisis, we invite you to visit PilieroMazza’s “ COVID-19 Client Resource Center .” Please contact covid19@pilieromazza.com for immediate assistance.  SMALL BUSINESS PROGRAMS & ADVISORY SERVICES CARES Act Guide for Small Business Owners The U.S Senate Committee on Small Business and Entrepreneurship released a guide for major programs and initiatives under the Coronavirus Aid, Relief, and Economic Security (CARES) Act that will . . . Read More

Weekly Update for Government Contractors and Commercial Businesses – April 3, 2020

If you have questions concerning the content below, please visit this link . COVID-19 Client Resource Center: To access resources for businesses navigating the COVID-19 crisis, we invite you to visit PilieroMazza’s “ COVID-19 Client Resource Center .” Please contact covid19@pilieromazza.com for immediate assistance. CLIENT ALERT: DOL Issues Temporary Regulations the Day the FFCRA Became Law, April 2, 2020, Nichole Atallah , Sarah Nash , and  Sara Nasseri . [ Read More ] CLIENT ALERT: FFCRA Leave Effective April 1: DOL Issues Additional Guidance, March 31, 2020, Nichole Atallah ,  Sarah Nash , and  Sara Nasseri . [ Read More ] SMALL BUSINESS PROGRAMS . . . Read More

BLOG: HUBZone Program Flexibility During the COVID-19 Outbreak

In a webinar on March 25, 2020, officials with SBA’s HUBZone Program showed that SBA understands the unprecedented COVID-19 outbreak has created some unique challenges for HUBZone firms. Fortunately, SBA acted proactively to provide flexibilities to HUBZone firms that are struggling to maintain their principal office location and employees during this challenging time.  Highlights from SBA’s webinar included: The new annual recertification process will be voluntary for the remainder of 2020, except for firms that are up for a three-year . . . Read More

The CARES Act and Leave Guide for Employers: Deciding Which Option is Best for You and Your Employees

Congress passed the Coronavirus Aid, Relief, and Economic Security Act (the “Act” or the “CARES Act”) on March 27, 2020 in an effort to mitigate the economic impact of COVID-19 on businesses and employees. President Trump is expected to sign the bill into law any moment. Once signed, the CARES Act allows businesses to apply for loans to continue paying employees and maintaining operations, which may be forgiven, expands on provisions of the Families First Coronavirus Act ( FFCRA ), and . . . Read More

Contracting Officers Can Pay You Even If the Contract Is Shut Down!

Yesterday, we discussed the emergency loan programs and loan forgiveness opportunities for small businesses in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). However, it is critical to understand that there are other avenues for relief that do not have to wait for SBA or private lenders to start processing such loans. Specifically, OMB Memorandum M-20-18 gave Contracting Officers (“CO”) broad authority and specifically states that all contracting personnel should “feel fully empowered to use acquisition flexibilities.” Further, Section 3610 of the Act, entitled “Federal Contractor Authority,” . . . Read More