Photo of Mana Elihu LombardoPhoto of Stephanie MarcantonioPhoto of Amy Laderberg O'SullivanPhoto of Paul J. PollockPhoto of Olivia Lynch

On Wednesday June 17th, SBA and Treasury issued a revised Paycheck Protection Program (PPP) loan forgiveness application implementing the extended 24-week “covered period” and the reduction in payroll cost limitation on forgiveness from 75% to 60% of costs, per the PPP Flexibility Act of 2020 enacted June 5, 2020.  In addition to revising the full forgiveness application (and issuing revised instructions), SBA also published a new “EZ” version of the forgiveness application (and associated instructions) intended for borrowers that meet one of three requirements: 1) are self-employed and have no employees; 2) did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; or 3) experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.  While the “EZ version” of the application requires fewer calculations and less documentation for applicants seeking forgiveness, it still maintains numerous certification requirements and includes additional certifications for the borrower to attest to their eligibility to use the EZ application form. Both applications give borrowers the option of using either the original 8-week covered period (if their loan was made before June 5, 2020) or the extended 24-week covered period.

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Photo of Stephanie Marcantonio Stephanie Marcantonio

Stephanie Marcantonio is a Corporate partner in Crowell & Moring’s New York office, and serves as a member of the firm’s Health Care Group Steering Committee.

Stephanie regularly advises public and private companies, including tax-exempt entities, religious organizations and foundations, on a wide…

Stephanie Marcantonio is a Corporate partner in Crowell & Moring’s New York office, and serves as a member of the firm’s Health Care Group Steering Committee.

Stephanie regularly advises public and private companies, including tax-exempt entities, religious organizations and foundations, on a wide array of corporate transactional and governance matters. Her practice includes structuring and negotiating acquisitions, divestitures, and joint ventures. She also represents lenders and borrowers in health care financings, and has acted as regulatory counsel to lenders such as Credit Suisse, Deutsche Bank, J.P. Morgan, and Morgan Stanley in connection with numerous nine- and 10-figure financings of nursing facilities, assisted-living facilities, and other health care providers, and the related securitizations.

Photo of Amy Laderberg O'Sullivan Amy Laderberg O'Sullivan

Amy Laderberg O’Sullivan is a partner in the firm’s Washington, D.C. office, a member of the Steering Committee for the firm’s Government Contracts Group, and former chair of the firm’s Diversity Council. Her practice involves a mix of litigation, transactional work, investigations, and

Amy Laderberg O’Sullivan is a partner in the firm’s Washington, D.C. office, a member of the Steering Committee for the firm’s Government Contracts Group, and former chair of the firm’s Diversity Council. Her practice involves a mix of litigation, transactional work, investigations, and counseling for corporate clients of all sizes and levels of experience as government contractors. On the litigation side, she has represented corporate clients in bid protests (agency level, GAO, ODRA, Court of Federal Claims, Court of Appeals for the Federal Circuit, as well as state and local bid protests in numerous jurisdictions), size and status protests before the U.S. Small Business Administration, claims litigation before the various Boards of Contract Appeals, Defense Base Act claims litigation at the Administrative Law Judge and Benefits Review Board levels, civil and criminal investigations, and she has been involved in complex commercial litigation.

Photo of Paul J. Pollock Paul J. Pollock

Paul J. Pollock is a partner in the New York office of Crowell & Moring and concentrates his practice on mergers and acquisitions and corporate finance. He provides ongoing representation to middle market private equity sponsors, family offices and their portfolio companies, as…

Paul J. Pollock is a partner in the New York office of Crowell & Moring and concentrates his practice on mergers and acquisitions and corporate finance. He provides ongoing representation to middle market private equity sponsors, family offices and their portfolio companies, as well as public and private companies that are not sponsor backed. Paul’s industry experience includes representing clients in financial services, manufacturing, telecommunications, fintech, software products, publishing and entertainment, with recent emphasis on the healthcare and biotech industries.

Photo of Olivia Lynch Olivia Lynch

Olivia L. Lynch is a partner in Crowell & Moring’s Government Contracts Group in the Washington, D.C. office.

General Government Contracts Counseling. Olivia advises government contractors on navigating the procurement process, compliance and ethics, commercial item contracting, accessibility, supply chain assurance, and…

Olivia L. Lynch is a partner in Crowell & Moring’s Government Contracts Group in the Washington, D.C. office.

General Government Contracts Counseling. Olivia advises government contractors on navigating the procurement process, compliance and ethics, commercial item contracting, accessibility, supply chain assurance, and various aspects of state and local procurement law.