COVID-19 Legal Updates Archives - Page 2 of 5

Jun 12 2020

SBA Updates Guidance Under the PPP Flexibility Act

By Trenam News COVID-19 Legal Updates

On June 11, 2020, the Small Business Administration (the “SBA”) issued a new Interim Final Rule (the “Update IFR”) that updates its original Interim Final Rule on the Paycheck Protection Program (“PPP”) loans to coordinate with the changes made by the Paycheck Protection Program Flexibility Act of 2020 (the “PPP…

Jun 08 2020

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What Will The Paycheck Protection Program Flexibility Act Mean For Your PPP Loan?

By Trenam News COVID-19 Legal Updates

On June 3, 2020, the U.S. Senate passed the “Paycheck Protection Program Flexibility Act” (the “PPP Flexibility Act”), which previously had been passed by the House of Representatives on a vote of 417-1 on May 28. The President signed it into law on June 5, 2020. The PPP Flexibility Act…

May 26 2020

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Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities

By Trenam News COVID-19 Legal Updates

Simultaneously with issuing its Interim Final Rule of PPP Loan Forgiveness on Friday night, May 22, 2020, the Small Business Administration (the “SBA”) issued guidance on the review procedures for PPP loans and related obligations of borrowers and lenders, in the form of another Interim Final Rule (the “Review Procedures…

May 26 2020

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SBA and Treasury Finally Issue Interim Final Rule on PPP Loan Forgiveness

By Trenam News COVID-19 Legal Updates

Around or after 10:00 pm on the evening of Friday, May 22, 2020, the Small Business Administration (“SBA”) and the Treasury Department issued an Interim Final Rule on PPP Loan Forgiveness (the “Forgiveness IFR”). This Rule confirmed much of the guidance previously issued by the SBA in its forgiveness Application,…

May 18 2020

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PPP Loan Forgiveness Application Release

By Trenam News COVID-19 Legal Updates

Late on Friday, May 15, 2020, the Treasury Department and Small Business Administration issued the much awaited Form 3245, Loan Forgiveness Application (the “Application”) with instructions. For a copy of the Application and to view the press release, click here. We are continuing to evaluate the Application, and will provide…

May 13 2020

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New Paycheck Protection Program Loan Guidance

By Trenam News COVID-19 Legal Updates

On May 13, 2020, the SBA issued additional guidance on the PPP loan “necessity” certification. This new guidance reverses course from the broadly worded original guidance, which was interpreted by many to mean that all borrowers of PPP loans needed to be worried, to exempt from SBA scrutiny any borrower…

May 05 2020

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Companies Whose PPP Loans Are Forgiven Will Lose Tax Deductions

By Trenam News COVID-19 Legal Updates, Tax

Typically, when a business obtains a loan, the loan proceeds are not includable in the gross income of the borrower for tax purposes at the time of the loan. Generally, the loan proceeds can then be spent for any business purpose (subject to loan covenants). Throughout the life of the…

May 04 2020

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Stephanie Lieb Discusses Bankruptcy Outlook in Tampa Bay Times

By Trenam News Bankruptcy and Creditors' Rights, COVID-19 Legal Updates

Stephanie Lieb spoke with the Tampa Bay Times for its May 2, 2020 story on the economic impact COVID-19 is having on Florida, and she addressed the potential rise in bankruptcies in the coming months. Industries that were already teetering, like retail and restaurants, were hit hard by the shutdown,…

May 01 2020

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Tate Taylor Provides Insight On The Impact the CARES Act Is Having on Retirement Finances in Retire Ahead

By Trenam News COVID-19 Legal Updates, Estate and Trust Planning

In the May 2020 issue of Retire Ahead, a monthly newsletter released by Tribune Publishing, Tate Taylor answers key questions regarding the impact the provisions to the CARES Act is having on retirement finances. “These changes may provide important financial relief to individuals facing adverse financial consequences as a result…

Apr 27 2020

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Tampa Bay Business Journal Quotes Don Weinbren on SBA Loan Funding Bill

By Trenam News Business Transactions, COVID-19 Legal Updates

On April 24, 2020, Don Weinbren shared insight with the Tampa Bay Business Journal on the application process for Small Business Administration (SBA) loans after a new bill added billions for the Paycheck Protection Program. After the SBA system was flooded with applications during the first round of funding, the…

COVID-19 Legal Updates

SBA Updates Guidance Under the PPP Flexibility Act

What Will The Paycheck Protection Program Flexibility Act Mean For Your PPP Loan?

Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities

SBA and Treasury Finally Issue Interim Final Rule on PPP Loan Forgiveness

PPP Loan Forgiveness Application Release

New Paycheck Protection Program Loan Guidance

Companies Whose PPP Loans Are Forgiven Will Lose Tax Deductions

Stephanie Lieb Discusses Bankruptcy Outlook in Tampa Bay Times

Tate Taylor Provides Insight On The Impact the CARES Act Is Having on Retirement Finances in Retire Ahead

Tampa Bay Business Journal Quotes Don Weinbren on SBA Loan Funding Bill

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