Labor and Employment Law Blog

SBA Publishes PPP Flexibility Loan Forgiveness Interim Final Rule and Updated Applications

On June 19, the Small Business Administration (SBA) published an update to its Interim Final Rules (New IFR) to reflect changes to the Paycheck Protection Program (PPP) put in place under the new Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act). In addition, the SBA provided a new PPP Loan Forgiveness Application and Instructions as […]

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Congress Adds More Flexibility to Paycheck Protection Program

On June 3, the United States Senate passed the “Paycheck Protection Program Flexibility Act” (Act), which is designed to create additional flexibility for borrowers under the terms of the Paycheck Protection Program (PPP). The Act previously passed the United States House of Representatives and now heads to the President for signature, which is expected in the […]

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SBA Publishes Loan Forgiveness Interim Final Rule

On May 22, the Small Business Administration published its long-awaited Interim Final Rule regarding loan forgiveness requirements (IFR) for the Paycheck Protection Program. The new IFR confirms several key terms included in the Loan Forgiveness Application and also provides some additional guidance. Click here for a summary of the forgiveness guidance as set forth in […]

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SBA Publishes Loan Forgiveness Application for Paycheck Protection Program

On May 15, the Small Business Administration (SBA) published its long-awaited Loan Forgiveness Application and Instructions for Borrowers (Application). The Application clarified certain forgiveness rules and calculations for the Paycheck Protection Program, although there remain several open issues that we expect the SBA to continue to clarify through an additional Interim Final Rule and FAQs. Click here […]

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