Click here to access the on-demand video. Click here to access the powerpoint presentation. The new COVID-19 Relief bill, signed into law on December 27, provides additional economic relief for business owners if you know what to look for. In addition, the new administration will mean more change is on the horizon. What are the immediate opportunities for your business, and what will the...
On June 3, 2020, the Senate passed H.R. 7010 (previously passed by the House on May 28, 2020) entitled the Paycheck Protection Program Flexibility Act of 2020 (the “PPPFA”). Once signed into law by the President, the PPPFA will amend the CARES Act in several meaningful ways. The highest profile change is to the definition of “covered period” which now shifts from 8 weeks from loan origination to...
On May 15, 2020, the SBA and the Treasury Department released the long-awaited Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions. They also announced that additional regulations and guidance would soon issue to further assist borrowers as they complete their applications, and to assist lenders with their responsibilities. The SBA explained that the...
By: Lawrence J. Glusman Second Round of May 13, 2020 SBA Updates | New PPP FAQ #47 Published 47. Question: An SBA interim final rule posted on May 8, 2020 provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith. Is it possible...
By: Lawrence J. Glusman The SBA just issued a brand new FAQ, #43, which grants an automatic 1-week extension to the PPP loan repayment safe harbor until May 14. Borrowers do not need to formally request the extension. The SBA will implement it through a revision to the Interim Final Rule which created the safe harbor. Most notably, the SBA now intends to provide additional guidance on how they...
By: Sherry D. Coley and Tiffany E. Woelfel The United States Chamber of Commerce Foundation has established the Save Small Business Fund to provide short-term relief to small employers affected by the COVID-19 crisis. The Save Small Business Fund will provide a one-time grant of $5,000 to small businesses to use for business expenses. In order to be eligible for the grant, the small business...
Please scroll to the bottom of the page to view the webinar replay and access the presentation materials. The federal government's $2 trillion economic stimulus bill can help your company survive. But you have to understand NOW what's in it for you and how to apply for funds. This bill is a game changer for many small businesses, but only if you act soon. BizTimes, U.S. Small Business...
*Please scroll to the bottom of the page to view the webinar replay and to access the PowerPoint presentation. Business leaders, interested in what many are referring to as “free money”? Davis|Kuelthau hosted a complimentary webinar for Wisconsin businesses — borrowers and lenders — navigating the emergency loans recently made available through the Coronavirus Aid, Relief, and Economic Security...
By: Lawrence J. Glusman and Michael Van Someren To address temporary business interruptions, U.S. Small Business Administration (SBA) lenders nationwide have authority to defer payments of principal, interest and servicing fees for up to six months. Borrowers with existing loans under the SBA 504 Loan (Certified Development Company) program and the SBA 7(a) Loan Guarantee program should...
By: Michael Van Someren and Lawrence J. Glusman The Senate is currently considering a bill that could greatly increase the ability of employers to retain their employees. The Coronavirus Aid, Relief, and Economic Security Act or “CARES Act” is currently being considered by the U.S. Senate. While it has not yet passed and includes a number of provisions, perhaps the most important to companies...
