The Small Business Administration (the “SBA”) recently published the “Paycheck Protection Program Loan Forgiveness Application” (the “Application”), as well as instructions associated with the Application (the “Instructions”). Taken together, the Application and the Instructions provide important guidance which borrowers who … Read more
As businesses prepare for their respective counties to reopen in accordance with Governor Wolf’s Process to Reopen Pennsylvania, owners should closely review the guidance issued by the Commonwealth concerning the requirements that must be addressed as businesses resume in-person operations … Read more
In submitting an application for a Paycheck Protection Program (a “PPP Loan”), applicants were required to certify in good-faith that receipt of the PPP Loan was “necessary to support” their “ongoing operations.” The manner in which the Small Business Administration … Read more
Many businesses carry what is known as business interruption insurance as part of their insurance coverages. A number of these policies contain an exclusion for loss caused by a virus or bacteria, and insurance companies are relying on this exclusion … Read more
The Pennsylvania Legislature recently passed, and Governor Wolf signed, a temporary law allowing for Pennsylvania notaries to notarize documents without the signer being in the physical presence of the notary (as is normally required). This temporary “Remote Online Notarization” authorization … Read more
Businesses and non-profit organizations which have received a loan under the Paycheck Protection Program (a “PPP Loan”) must comply with a series of guidance and regulations, including employee retention and compensation maintenance requirements, in order to obtain the loan forgiveness … Read more
The Small Business Administration (“SBA”) has resumed processing loan applications filed under its popular Economic Injury Disaster Loan (“EIDL”) program. The SBA previously announced that it was no longer processing EIDL applications, as funding for the program had lapsed. Applications … Read more
The Paycheck Protection Program (“PPP”) included in the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) became law on Friday, March 27, 2020. The PPP is designed to allow the Small Business Administration (“SBA”) to make loans through … Read more
Based on the latest news reports, it appears that the popular Paycheck Protection Program (“PPP”) will be replenished with limited additional funding this week. There is already speculation that the new funds, once available, will be depleted in a matter … Read more
