by DunlapSLK | May 14, 2020 | COVID-19 Legislative Update, Resources For Employers
On April 14, 2020, after many borrowers had already submitted their PPP loan applications, the SBA issued guidance for individuals with self-employment income. This rule prohibited partners in a partnership from submitting a loan application for themselves. Instead,...
by DunlapSLK | May 13, 2020 | COVID-19 Legislative Update, Resources For Employers
We recently alerted you to the SBA guidance which tightened eligibility rules on who qualifies for a PPP loan. You may recall that under the CARES Act, a borrower needed to certify that “current economic uncertainty makes this loan request necessary to support the...
by DunlapSLK | May 8, 2020 | COVID-19 Legislative Update, Resources For Employers
The Small Business Administration has promised additional guidance on loan forgiveness (as a whole) as it relates to the Paycheck Protection Program (PPP). While we await that guidance, the SBA – in conjunction with the U.S. Treasury – continues to release partial...
by DunlapSLK | May 7, 2020 | COVID-19 Legislative Update, Resources For Employers
PPP Loan Eligibility Certification Presumably as a result of the public outcry over large publicly-traded companies receiving PPP loan proceeds while many small businesses were locked out of the program, the Treasury Department tightened the eligibility rules on who...
by DunlapSLK | May 1, 2020 | COVID-19 Legislative Update, Resources For Employers
Late April 30, the IRS issued additional guidance on the Paycheck Protection Program (PPP). You may recall the proceeds of a PPP loan can be forgiven if spent on qualified expenses – such as payroll costs, mortgage interest, rent and utilities – within a certain...
by DunlapSLK | Apr 22, 2020 | COVID-19 Legislative Update, Resources For Employers
As we continue our quest for clarity on the coronavirus-related Acts and Bills passed by Congress we offer the following updates on several clarifications that came out during the week of April 13 impacting various parts of the CARES Act, the Families First Act...
