The Paycheck Protection Program (“PPP”) provided forgivable loans to assist small businesses with expenses during the COVID-19 shutdown, seemingly creating a lifeline for many of these enterprises. As explained here, a borrower could obtain a loan equal to the lesser of $10 million or the sum of its average monthly payroll costs for 2.5 months, (reduced to the extent that any individual was paid more than $100,000 per year) plus the balance of any Economic Injury Disaster Loan received between January 31, 2020 and April 3, 2020. Like many federal programs, however ...
On March 31, 2020, the U.S. Department of the Treasury (“Treasury”) issued preliminary guidance regarding implementation of the Paycheck Protection Program (“PPP”), which is the $349 billion program contained in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that provides forgivable loans to eligible small U.S. businesses to help them weather the coronavirus (“COVID-19”) crisis. The guidance consists of three advisory documents: (i) an overview of the program; (ii) information for lenders about the PPP; and (iii) information for ...
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