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SBA Issues New Forms, Guidance to Implement the Flexibility Act

In early June 2020, Congress adopted and the President signed the Payroll Protection Program (“PPP”) Flexibility Act of 2020 (“Flexibility Act”), which was designed to ease some of the strictures and address some of the confusion arising from the PPP. In particular, the Flexibility Act expanded the Covered Period for loan forgiveness from eight…

SBA Issues Interim Final Rule on PPP Loan Forgiveness

On Friday, May 15, 2020, the Small Business Administration began outlining the process for obtaining forgiveness of loans issued pursuant to the Payroll Protection Program, when it issued SBA Form 3508, entitled “Paycheck Protection Program Loan Forgiveness Application” (“Forgiveness Application”). The 11-page document sets forth write papers information and documentation required to obtain loan…

SBA Releases Loan Forgiveness Application, Provides Guidance for Forgiveness

After Congress’s adoption of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, including the Payroll Protection Program (“PPP”) on March 27, 2020, the Department of the Treasury and the Small Business Administration (“SBA”) issued an Interim Final Rule (“Final Rule”) that governed the implementation of the CARES Act. Since then, the SBA has…

CARES Act: SBA Regulatory Guidance for Paycheck Protection Program

The linchpin of the recently-adopted Coronavirus Aid, Relief and Economic Security (CARES) Act is the Paycheck Protection Program (PPP)—a program designed to rapidly infuse cash into the U.S. economy through forgivable Small Business Administration (SBA) loans targeted to paying employee expenses. The CARES Act was only adopted on March 27, 2020, and the Department of the Treasury…

CARES Act: SBA Loans Under the Paycheck Protection Program

Under the recently-passed CARES Act, the Federal government created several new programs to protect and bolster the United States economy from the fallout resulting from the COVID-19 pandemic. Perhaps the most important of those programs to businesses is the Paycheck Protection Program (“PPP”), because it provides loans, which can be completely forgiven, to eligible…

Supreme Court Strengthens Protection of “Confidential” Information Under FOIA

Since 1967, the Freedom of Information Act (“FOIA”) has provided the public the right to request access to records from any federal agency. Federal agencies are required to disclose any information requested under the FOIA unless it falls under one of nine statutory exemptions. FOIA Exemption 4 of the 5 U.S.C. §552(b)(4) prevents mandatory…

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