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SBA Releases New Frequently Asked Question (No. 49) - Maturity Dates for PPP Loans
June 29, 2020
On June 25, 2020 the SBA released a new Frequently Asked Question (No. 49) concerning the maturity dates for PPP Loans as modified by the recently passed Paycheck Protection Program Flexibility Act. All PPP Loans received on or after June 5, 2020, will have a five-year maturity. Any PPP Loan received before June 5, 2020, has a two-year maturity, unless the borrower and lender mutually agree to extend the term of the loan to five years. Businesses should address the maturity issue with their SBA lender and discuss any available change to the loan maturity date.
Blake R. Gerney
Update: President Trump Signs Paycheck Protection Program Flexibility Act of 2020
June 4, 2020
On June 3, 2020, Congress updated the CARES Act by passing the Paycheck Protection Program Flexibility Act of 2020 (“FA”). The legislation, which has not yet been signed into law by President Trump, would provide more flexibility to small businesses who received loans under the Paycheck Protection Program (“PPP”).
BMD SBA Loan Team
Webinar Recording -- Paycheck Protection Program Loans: Forgiveness Applications
May 28, 2020
Paycheck Protection Program Loans: Forgiveness Applications
BMD SBA Loan Team
PPP Loan Forgiveness Application Details
May 18, 2020
As PPP loan recipients start to take stock of how they’ve used funds over the eight-week period, many businesses are eager to move ahead with the forgiveness portion of the program. How much of the loan will be forgiven is determined by the Small Business Administration (“SBA”), as provided in the CARES Act. Over the weekend, the Department of Treasury released details on the forgiveness application, which can be found here.
Cassandra Manna & The BMD SBA Loan Team
PPP - Maximizing Forgiveness Webinar Recording
May 8, 2020
As businesses receive Paycheck Protection Loan funding as part of the CARES Act, attention has shifted to the proper use of the loan proceeds and what steps must be taken to maximize the amount of the loan that is forgiven. BMD SBA Loan Team Attorneys, Blake Gerney, C.J. Meager, Cassandra Manna and Nick Karam provided an overview of the loan forgiveness criteria under the CARES Act and the guidance provided by the U.S. Small Business Administration. They also analyzed and discussed common concerns with the application of the loan forgiveness criteria and the uncertainty being encountered by many business owners.
Blake Gerney, C.J. Meager, Cassandra Manna & Nick Karam