Section 2 of FOS’s FURTHER GUIDANCE ON PAYCHECK PROTECTION PROGRAM describes the recent guidance provided by the Small Business Administration (“SBA”) regarding, among other things, the certifications required to be made by companies obtaining loans (“PPP Loans”) under the Paycheck Protection Program (“PPP”). That guidance recommended particular vigilance regarding a borrower’s required good faith certification.
The Small Business Administration, the Department of Treasury and the Internal Revenue Service continue to offer additional guidance to borrowers regarding loans received under the Paycheck Protection Program. Recently, two new pieces of guidance were issued that may be of particular interest to business owners. 1.) Are otherwise deductible expenses paid from the proceeds of.
Yesterday, Wisconsin’s Department of Health Services issued another 16-page Emergency Order (Emergency Order #28), extending the Safer at Home Order issued by the Department on March 24, 2020. The March Safer at Home Order was set to expire on April 24, 2020. The Safer at Home Order (the “Order”) issued yesterday is in effect from.
The 2019 novel coronavirus (COVID-19) is causing significant illness and mounting personal anxiety. It is also causing severe economic damages, with company after company, including restaurants, bars and shops, closing throughout the country to weaken the pandemic’s spread. The President has signed two pieces of federal legislation designed to lessen the financial burden on individuals.
Yesterday, the Small Business Administration issued an Interim Final Rule (the “Rule”) regarding the CARES Act’s Paycheck Protection Loan program. The SBA also released the Paycheck Protection Loan borrower application form that lenders are to use in processing applications. The Rule – which is applicable to all applications for Paycheck Protection Loans – and the.