How to Calculate Maximum Loan Amounts For First Draw PPP Loans and Second Draw PPP Loans and What Documentation to Provide – By Business Type The SBA issued guidance so the following business types may more accurately calculate their maximum loan amounts for First Draw PPP Loans and Second Draw PPP Loans: Self-employed, no employees Self-employed, with employees Self-employed farmer or rancher Partnerships S Corporations and C Corporations Nonprofit Organizations Nonprofit [...]

New York and Pennsylvania are among a handful of states that have enacted “No-Fault” laws to ensure that insurance carriers pay for medical expenses, lost wages, and various incidental costs associated with injuries sustained in motor vehicle accidents. Under such laws, injured parties are covered regardless of who was at fault in an accident. These laws are intended to ensure quick payments to injured parties, as well as to avoid costly and time-consuming litigation. Claims under [...]

PPP Loan Re-Opening Dates, Overview of PPP Draw Loans and Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns PPP Loan Re-Opening Dates On January 8, 2021, the Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First [...]

On January 6, 2021, the Small Business Administration issued an Interim Final Rule on the Paycheck Protection Program as Amended by Economic Aid Act.  A link to the Interim Final Rule is located here: https://home.treasury.gov/system/files/136/PPP-IFR-Paycheck-Protection-Program-as-Amended-by-Economic-Aid-Act.pdf The Interim Final Rule includes information on the following topics: What Do Borrowers Need to Know and Do What businesses, organizations, and individuals are eligible What [...]

Levene Gouldin & Thompson, LLP issued an article called, “COVID Stimulus Bill and EEOC Vaccine Guidance” which included a general overview of Second Draw PPP Loans.  A link to that article is located here: https://www.lgtlegal.com/news/COVID-Stimulus-Bill-and-EEOC-Vaccine-Guidance-_326-news.htm On January 6, 2021, the Small Business Administration issued an Interim Final Rule on Second Draw Loans.  A link to the Interim Final Rule is located here: [...]