On May 15, 2020, the Small Business Administration (SBA) released the Paycheck Protection Program Loan Forgiveness Application which is comprised of a PPP Loan Forgiveness Calculation Form (SBA Form 3508), including related certifications, and worksheets to assist in making the calculations. Although the SBA has yet to release further guidance on PPP Loan
On May 14, the President issued an Executive Order (EO) delegating funding and loan authority under Title III of the Defense Production Act (DPA) to the U.S. International Development Finance Corporation (DFC) to support domestic production of strategic resources to respond to the COVID-19 outbreak and strengthen domestic supply chains. The DFC’s loan authority
Yesterday we reported on the publication of FAQ 46 by the Small Business Administration (SBA) regarding the economic necessity certification contained in the Paycheck Protection Program (PPP) application and that the safe harbor deadline of May 14, 2020 remained in place. Late last night though, the SBA issued FAQ 47 in which it automatically extended
On May 5, 2020—a mere two days before the close of the “safe harbor” period established by the Small Business Administration (SBA) for borrowers to return Paycheck Protection Program (PPP) loans if recipients did not believe they could make the economic need certification in good faith—Treasury and the SBA have updated their FAQ document with
On April 30, 2020, the Small Business Administration (SBA) released an interim final rule imposing a $20 million cap on the aggregate amount of loans a single corporate group can receive from the Paycheck Protection Program (PPP). Given the high demand for PPP loans and finite appropriations, the SBA has imposed this limit in order
On April 28, the President signed an Executive Order on Delegating Authority Under the DPA with Respect to Food Supply Chain Resources During the National Emergency Caused by the Outbreak of COVID-19. The new EO delegates to the Department of Agriculture (“the Department”) Defense Production Act (DPA) Title I priorities and allocation authority with
On April 23, 2020, Treasury drastically complicated the landscape for the Paycheck Protection Program (PPP) by updating a Frequently Asked Questions document with a response to the question: “Do businesses owned by large companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan?”
The PPP application requires applicants
As businesses continue to grapple with and progress through the challenges presented by the COVID-19 crisis, it is not too early to focus beyond the horizon on what the privacy and cybersecurity landscape might look like when the crisis finally passes. Crowell & Moring’s Privacy and Cybersecurity Group seeks to identify likely issues and new
On April 16, 2020, the White House published non-binding guidelines for states and localities to consider in determining when and how to reopen businesses and schools and lift other COVID mitigation restrictions. Entitled “Opening up America Again” (Guidelines), the Guidelines are a set of recommendations for a three-phased reopening in jurisdictions that satisfy broad “gating
As the COVID-19 pandemic continues and there is mounting pressure to ease business and social restrictions, governments, non-profits, and private corporations are all increasingly focused on solutions that would not only track and trace the movements of individuals to determine exposure to the virus and compliance with stay-at-home orders, but also potentially signal the person’s