The SBA and the Treasury updated the Paycheck Protection Program (PPP) FAQs on May 13, 2020, creating new guidelines surrounding the requirement in the PPP loan application that a borrower certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant” (the Need Certification).
The Small Business Administration and the Treasury updated the PPP Frequently Asked Questions on April 23 and suggested that certain businesses that have already obtained PPP loans should repay their loan in full by May 7 if they cannot demonstrate that as of the date of application, the loan was necessary to support their ongoing operations due to the current state of the economy.
Following weeks of negotiations, today Congress passed the Paycheck Protection Program and Health Care Enhancement Act providing a relief from the widespread economic injury caused by the COVID-19 public health emergency.
On April 17, the Federal Reserve Board announced an interim final rule that temporarily relaxes lending restrictions on member banks who make Paycheck Protection Program (PPP) loans to businesses owned by certain bank insiders.
Having addressed how to conduct hybrid or virtual-only shareholder meetings, corporate boards now must consider virtual board meetings in this COVID-19 era, and decide how to mitigate the additional legal risks they present.
The Federal Reserve has continually promised to use its full range of tools to support the flow of credit to households and businesses to counter the economic impact of COVID-19 and to promote a swift economic recovery.
With international travel coming seemingly to a halt, employers may be concerned about visa status expirations for their employees who typically extend their status through travel or the consulate, including those in E, Blanket L-1, and TN visa status.
The Department of Labor and the U.S. and Citizenship and Immigration Services have yet to issue any special guidance or relax any statutory or regulatory requirements regarding the treatment of nonimmigrants amid COVID-19 workplace implications.
This alert provides answers to some of the preliminary questions private equity, family office, fundless sponsor and venture capital firms, along with their portfolio companies, might be asking as they consider applying for a loan under the Small Business Act to create the Paycheck Protection Program.
Following days of often tense negotiations, the United States Senate has passed the third phase of federal coronavirus relief legislation, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which will provide $2 trillion in economic aid to individuals and businesses impacted by the coronavirus public health emergency.
The Department of Homeland Security announced on March 20, 2020 that it will exercise discretion to defer the physical presence requirements associated with Employment Eligibility Verification (Form I-9).
Since the first known case of COVID-19 in the United States was discovered in late January, the federal government has taken several steps to both fight the spread of the disease and blunt its economic impact on the American economy.