US Senate Enacts Legislation to Extend the Paycheck Protection Program
Andrew T. Kugler
Andrew Kugler is a Government practice lawyer. He provides strategic advice to public, private and nonprofit clients, with a particular focus on health care, environmental, goods movement and technology issues.
Andrew helps clients craft legislative strategies and interface with government officials and agencies at the local, state and federal levels. This work often requires him to draft legislative bills and amendments and to testify before legislatures and regulatory agencies across the country.
SBA Issues New Official FAQs for the Paycheck Protection Program (PPP) Addressing Borrower Eligibility, Affiliation, Underwriting, and Updates to Previously Submitted Applications
The SBA’s Paycheck Protection Program, a $349 billion loan guaranty program established by the CARES Act to provide deferrable, forgivable loans up to $10 million to small business owners addressed in more detail in prior Mayer Brown posts regarding the statutory provisions and the SBA’s Interim Final Rule, launched April 3, 2020. In the initial days after the program launch, hundreds of thousands of applications were submitted, but borrowers and lenders alike continued to have questions about key aspects of the program.
On April 6, 2020, the SBA clarified certain issues in new …
Continue Reading SBA Issues New Official FAQs for the Paycheck Protection Program (PPP) Addressing Borrower Eligibility, Affiliation, Underwriting, and Updates to Previously Submitted Applications
SBA Releases Guidance on PPP Small Business Loans
The Small Business Administration (SBA) released an interim final rule the evening of April 2 outlining key provisions of the SBA’s Paycheck Protection Program (PPP) and the provisions of the CARES Act relating to loan forgiveness. The rule is effective immediately.
Some highlights of the rule include:
Increase in interest rate. The interest rate on any PPP loan will be…
Continue Reading SBA Releases Guidance on PPP Small Business Loans
Small Business Loans under the CARES Act
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law.
Among other things, the CARES Act creates the “Paycheck Protection Program,” which provides up to $349 billion to expand the Small Business Administration’s (SBA’s) existing 7(a) loan program to support new loan guarantees and subsidies. Highlights of the program include:…
Continue Reading Small Business Loans under the CARES Act