News & Events

COVID-19

COVID-19 Payment Protection Program Update 6.4.20

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

COVID-19

COVID-19 Payment Protection Program Update 5.29.20

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

COVID-19

COVID-19 Payment Protection Program Update 5.27.20

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

COVID-19

COVID-19 Payment Protection Program Update 5.26.20

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

COVID-19

COVID-19 Payment Protection Program Update 5.20.20

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

COVID-19

COVID-19 Payment Protection Program Update 5.19.20

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

COVID-19

COVID-19 Funding Assistance Update 5.14.20

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

COVID-19

COVID-19 Funding Assistance Update 5.13.20

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

COVID-19

COVID-19 Payment Protection Program Update 5.8.20

The following information is provided by Withum. Visit Withum’s COVID-19 Resource Center for insights to help you and your business during this challenging time. Check out Withum’s Podcast Civic Warriors, a voice for nonprofits - Also on Spotify and Apple…

Paul McQuadeMay 8, 2020