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.
All articles within COVID-19
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.
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.
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.
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.