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SBA ISSUES NEW GUIDANCE ON PPP LOAN FORGIVENESS AND LENDER REVIEW PROCEDURES

On May 22, 2020, the SBA issued two new Interim Final Rules relating to Paycheck Protection Program (“PPP”) loan forgiveness, one rule with guidance for borrowers regarding requirements for loan forgiveness, which can be found here, and the other rule with guidance for lenders regarding PPP loan review procedure and lender responsibilities, which can be.

SBA Releases PPP Loan Forgiveness Application

A critical aspect of the PPP Loan program is the promised tax-free forgiveness of loans used for specific payroll and operating expenses. On Friday, May 15, 2020, the SBA released the loan forgiveness application and detailed instructions for applicants seeking forgiveness of their PPP Loan. The application and instructions can be found here. Notably, the.

Avoid Unintended Consequences When Reopening Businesses

On May 13, 2020, the Wisconsin Supreme Court struck down the state-wide “Safer at Home” order. Many local municipalities and counties have since issued their own orders restricting activities as a result of the COVID-19 pandemic. Similar situations are playing out across the country as some states move to relax restrictions on businesses, and a.

WISCONSIN SUPREME COURT STRIKES DOWN STATEWIDE “SAFER AT HOME” ORDER

Safer at Home Order Invalidated. Yesterday, May 13, 2020, the Wisconsin Supreme Court, in a 4-3 decision (the “Decision”), struck down Wisconsin’s current “Safer at Home” Order. The majority of the Court concluded that the Secretary of the Department of Health Services (“DHS”) exceeded her statutory authority by ordering all state residents to stay at.

SBA ANNOUNCES $2MM SAFE HARBOR TO MEET GOOD FAITH CERTIFICATION REQUIREMENT

With a drip, drip, drip of guidance from the federal government, there has been significant confusion regarding the PPP Loan program and the requirement that borrowers make a good-faith certification that their loan request was “necessary.” The PPP Loan program requires all borrowers to certify in good faith that “[c]urrent economic uncertainty makes this loan.