Round Two of PPP Assistance: Economic Aid Act

On April 2, 2020, the U.S. Small Business Administration (SBA) posted an interim final rule announcing the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  Section 1102 of the CARES Act temporarily adds a new program, titled the “Paycheck Protection Program,” to the SBA’s 7(a) Loan Program.  Section 1106 of the CARES Act provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program (PPP).

The PPP is intended to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19).  Subsequently, SBA published twenty-three interim final rules providing additional guidance on the PPP (some of which were jointly issued with the Department of the Treasury) and the Treasury published one interim final rule.  On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) became law.  The Economic Aid Act extends the authority to make PPP loans through March 31, 2021, and revises certain PPP requirements. 

This interim final rule incorporates the Economic Aid Act amendments required to be implemented

by regulation within 10 days of enactment. 

IFR #1 (82pp)

IFR on Second Draw Loans (42pp)

Guidance on accessing capital for minority underserved veteran and women owned businesses (3pp)

PPP Funding Management + Getting Back to Work

Please join us for an interactive virtual panel discussion with O’Hagan Meyer Attorneys + Advisors and the Virginia Society of CPAs to discuss properly tracking and managing your Paycheck Protection Program (PPP) funds. The U.S. Treasury continues to provide updated guidance on the forgiveness calculations/process. In addition, we will discuss some best practices for consideration as employers begin to re-open their offices.

Good Faith PPP Loan Certification (5.13.20)

Reserve your spot by completing the form below.
This is for members only.