On April 14, 2020, the SBA released a second interim final rule clarifying various aspects of the Paycheck Protection Program (PPP). Individuals with self-employment Income who File a Form 1040, Schedule C are eligible for a PPP loan if: (i) they are in operation on February 15, 2020; (ii) are an individual with self-employment income…
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If You Are Seeking a Loan Under the CARES Act, Compliance is Key
The Coronavirus Aid, Relief, and Security Act (“CARES Act”) will provide billions of dollars in loans and assistance to the private sector. This will include loans for payroll and operating expenses under the Paycheck Protection Program (“PPP”) and economic injury disaster loans (“EIDL”). However, companies seeking to take advantage of the relief provided under this…
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4-3-2020 UPDATE – SBA Documentation Checklist and Paycheck Protection Program Treasury Guidance Update
***** 4-3-2020 Update ***** REQUIRED DOCUMENTATION TO BE SUBMITTED IN ORDER TO OBTAIN PPP LOAN You must submit specific documentation with your PPP loan application in order to be reviewed and potentially accepted. Find the list here: Documentation List. Key Points from the U.S. Treasury Guidance Background: On April 1, 2020, the U.S. Department of the Treasury released guidance…
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Updated Guidance on Notice Requirements and Furloughed Employees under the Families First Coronavirus Relief Act
The following guidance is being provided by OlenderFeldman LLP with respect to notice requirements under the Families First Coronavirus Response Act (“FFCRA”) and FFCRA application to furloughed employees, with official updated guidance provided by the U.S. Department of Labor (“DOL”). See https://www.dol.gov/agencies/whd/pandemic/ffcra-questions. This information is subject to change based upon revised guidance that may follow…
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