On April 6, the SBA updated its Paycheck Protection Program Loans Frequently Asked Questions, which provides much needed guidance to borrowers and lenders.
Many important questions were answered, including these two listed in italics:
Question: The CARES Act excludes from
O'Neil, Cannon, Hollman, DeJong & Laing S.C. Articles
The O'Neil, Cannon, Hollman, DeJong & Laing S.C. Articles blog, published by the Wisconsin-based law firm O'Neil Cannon, covers a broad range of legal topics relevant to businesses and individuals. The blog addresses issues in litigation, business law, mergers and acquisitions, banking and creditors' rights, tax planning and controversy, trust and estate planning, labor and employment law, inheritance litigation, family law, and real estate and construction law. It also provides updates on regulatory developments such as the Corporate Transparency Act and practical guidance on intellectual property matters like trademark applications. The content reflects the firm's focus on counseling clients on legal matters affecting their business and personal interests, particularly within Wisconsin.
Latest from O'Neil, Cannon, Hollman, DeJong & Laing S.C. Articles - Page 5
Should a Contractor Stop Work Due to Nonpayment?
Governor Evers Administration’s Safer at Home Order has shut down or severely limited the activities of countless businesses throughout the State of Wisconsin. While businesses in the construction industry are generally deemed “essential” and are therefore exempt from many of…
Businesses Should Not Overlook Economic Injury Disaster Loans
By Peter Faust
Although not getting as much attention as forgivable Paycheck Protection Program loans, Economic Injury Disaster loans are a viable alternative or complementary emergency loan for businesses — especially businesses that do not have many employees, such as real-estate holding companies.…
Loan Frustration Continues for PE and VC Companies
By Peter Faust
Many companies controlled by private-equity firms and venture-capital firms still have not received clearance to apply for emergency loans through the Small Business Administration.
Despite bi-partisan support and lobbying efforts by PE and VC firms late last week, there has…
CARES Act Temporarily Increases Debt Limitation for Small Business Debtors
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides much-needed assistance to small businesses affected by the coronavirus pandemic. In addition to providing forgivable loans of up to $10,000,000, the CARES Act more than doubles the debt…
Companies Owned by PE and VC Firms in Limbo over PPP Loans
By Peter Faust
Many companies owned by private-equity firms and venture-capital firms are in jeopardy of being ineligible to apply for Paycheck Protection Program loans unless Treasury Secretary Steven Mnuchin grants a late reprieve from the Small Business Administration’s affiliation rules.
Democratic and…
SBA Issues Further Guidance on Paycheck Protection Program
By Jason Scoby
On the night of April 2, 2020, the SBA issued additional guidance with respect to the Paycheck Protection Program. The guidelines, referred to as the Interim Final Rule, can be found here. While the Rule reiterates many of the…
Can Payments to Independent Contractors Be Included in Calculating Payroll Costs Under the Paycheck Protection Program? Uncertainty Exists.
By Ryan Onosko
On March 31, 2020, the Small Business Administration (SBA) posted guidance on the Paycheck Protection Program (PPP). This guidance follows the passage of the CARES Act, and the guidance includes the PPP loan application, which can be found here on…
Applications for Paycheck Protection Program Loans Now Available
By Jason Scoby
Applications for loans under the Paycheck Protection Program (PPP) are now available. The application can be found here. The completed application and the required documentation should be submitted to an approved lender as soon as possible and prior to…
Small Business Administration Loan Relief Opportunities in Response to the Coronavirus Pandemic
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in response to the coronavirus pandemic.
The CARES Act directs $349 billion towards job retention and business operating expenses by allowing small businesses…