The latest Interim Final Rule on PPP Loan Forgiveness and SBA Loan Review Procedures that was published June 22, 2020 highlights much of what was already outlined in our June 12, 2020 Client Alert “SBA Issues Updates to Initial Final Rule on Paycheck Protection Program” (link provided below). Here is a brief summary of the information:
25% to 40% for covered non-payroll expenses
Extended maturity date by mutual agreement between lender and borrower
Deferral period extended [...]
Here is the most recent guidance from the SBA:
o The “covered period” has been extended from June 30, 2020 until December 31, 2020 o PPP loans made before June 5, 2020 have a maturity of two years unless the borrower and lender mutually agree to extend the maturity of such loans to five years. PPP loans made on or after June 5 have a maturity of five years o At least 60 percent of the PPP loan proceeds shall be used for [...]
The latest Interim Final Rule makes the following changes to the First Interim Final Rule. Here’s what you’ll want to know:• The “covered period” for PPP Loans has been amended from “the period beginning on February 15, 2020 and ending on June 30, 2020” to “the period beginning on February 15, 2020 and ending on December 31, 2020.” This amendment applies to the definition of “covered period” that appears in section 1102 of the [...]
Preparing for Phase 3 of New York Reopening
• The State has released guidance in preparation for Phase 3 of reopening, under which the Food Services and Personal Care industries will be allowed to begin reopening• “Food Services” includes restaurants and food service establishments, including food trucks and other food concessionso Interim guidance from New York for outdoor and take-out/delivery food services during the COVID-19 public health emergency is available here: [...]
There has been a lot of confusion for families who have received an IRS stimulus payment directed to a deceased individual. If an individual died before receipt of the stimulus payment, the IRS is requiring the payment to the deceased individual to be returned to the U.S. Treasury Department. The IRS has been offering guidance on these matters on its website (https://www.irs.gov/coronavirus/economic-impact-payment-information-center), and the following is the most recent guidance [...]