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On August 4, 2020, the Small Business Administration (SBA) released a Frequently Asked Questions (FAQs) addressing numerous technical issues on PPP Loan Forgiveness. On August 11, 2020, the FAQs were updated to include additional guidance for recipients of both PPP Loans and Economic Injury Disaster Loans.

The following are the major takeaways from the

On July 28, 2020, the U.S. Small Business Administration (SBA) Office of the Inspector General (OIG) issued a report titled, “Serious Concerns of Potential Fraud in the Economic Injury Disaster Loan Program Pertaining to the Response to COVID-19.” The report identifies and summarizes OIG’s “serious concerns” of potential fraud and calls for “immediate attention and

On July 6, 2020, the Small Business Administration (SBA) has made publicly available various types of information about all Paycheck Protection Program (PPP) loans, and targeted media scrutiny has immediately followed. For loans of $150,000 and above, the SBA has released the loan range (e.g., $150,000 – 350,000, $1,000,000 – 2,000,000, $5,000,000 – 10,000,000) and

In Computer World Services Corporation, GAO sustained a protest challenging the Department of Homeland Security, U.S. Coast Guard’s corrective action taken in response to an earlier sustained protest by CWS. In its original protest, CWS successfully challenged a task order award; in response, the agency informed offerors via e-mail that it intended to remove

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

On June 11, 2020, the Small Business Administration (SBA) posted a new interim final rule (the IFR) which clarifies certain key changes made to the Paycheck Protection Program (PPP) by the Paycheck Protection Program Flexibility Act of 2020 (Act). We addressed in a previous alert how the Act, signed into law on June 5, 2020,

On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act of 2020, which makes important changes to many aspects of the Paycheck Protection Program (PPP), including extending the minimum maturity period, extending the forgiveness period, reducing the payroll cost limitation on forgiveness, while eliminating forgiveness if such reduced threshold is not

The Department of Justice (DOJ) on Friday reemphasized its commitment to protecting the federal programs providing COVID-related aid when it announced charges against a Beverly Hills film producer for his allegedly false statements to the Small Business Administration (SBA). Where recent Paycheck Protection Program (PPP) fraud cases focused on false statements in the applications, the

Federal authorities continue to prioritize and aggressively pursue individuals across the country who seek to exploit coronavirus relief programs meant to aid small businesses and their employees. Over the past week, Muge Ma of New York and Samuel Yates of Texas were arrested, each for submitting multiple fraudulent applications for COVID-19 relief through the Paycheck

On May 18, 2020, the Small Business Administration (SBA) released a new interim final rule addressing the confusion raised by the SBA’s FAQ 44 on how PPP applicants are to count employees of foreign and U.S. affiliates for purposes of determining eligibility against the 500 or fewer employee size standard provided for in the CARES