The PPP Flexibility Act was signed into law on Friday. Over the last few weeks we have covered many important components of the Bill, our latest article covers more of the salient points as well as the nuances that all…
Paul McQuadeJune 8, 2020
The PPP Flexibility Act is on its way to the White House for signature. We have written extensively about what was in the legislation (see COVID Update on May 29 and our Article). A few observations that we wanted to…
Paul McQuadeJune 5, 2020
PPP Flexibility Act Passes the Senate!: This evening the Senate passed the Paycheck Protection Program Flexibility Act. The PPP Flexibility Act was passed by the House last week with bipartisan support. The Senate had a competing bill called the Paycheck…
Paul McQuadeJune 4, 2020
Today we wanted to share news regarding the Paycheck Protection Program Flexibility Act. of 2020: PPP Flexibility Act of 2020: On Thursday the House passed the PPP Flexibility Act. with a vote of 417-1. This is clearly a bipartisan piece…
Paul McQuadeMay 29, 2020
IFR 14 – Last Friday the SBA issued its 14th “final” ruling with respect to the PPP. We have written extensively about it in this article. Much of this ruling seems to support assertions made on the application itself which…
Paul McQuadeMay 27, 2020
On April 3rd, Treasury released a PPP Borrower Information Fact Sheet that was meant to clarify key questions with respect to the application process. In particular, this document reaffirmed the definition of “Payroll Costs” (Page 2) and clarified that Salaries…
Paul McQuadeMay 26, 2020
FTE Safe Harbor (“Rehire Rule”) Today we wanted to do a deep dive into the FTE Safe Harbor rule. The CARES Act and subsequent Interim Final Rules/FAQs go to great lengths to describe how to reduce forgiveness if there is…
Paul McQuadeMay 20, 2020
PPP Forgiveness Application: On Friday, new guidance regarding the calculation of forgiveness was issued in the form of a forgiveness application. Our firm has provided a detailed analysis of the document in this article. The introduction of this document is…
Paul McQuadeMay 19, 2020
The HEROS Act: We now have new legislation that is in play, the Health and Economic Recovery Omnibus Emergency Solutions (“HEROES”) Act. This was introduced by the House yesterday, you can find expanded text here. This is obviously a first…
Paul McQuadeMay 14, 2020
Mainstreet Lending Program Update – The Mainstreet Lending Program was first unveiled in April, and got a good deal of publicity as a potential source of liquidity for a wide variety of companies, especially those who could not get the…
Paul McQuadeMay 13, 2020
