Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comClient Alert
Author: Scarinci Hollenbeck, LLC
Date: June 12, 2020
The Firm
201-896-4100 info@sh-law.comThe Paycheck Protection Program Flexibility Act, which President Donald Trump signed into law on June 4, 2020, makes several key changes to the Paycheck Protection Program. The business-friendly changes will help ensure that more businesses will be able to reap the benefits of the program, particularly with respect to loan forgiveness.
The Paycheck Protection Program was initially established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In an effort to lessen the economic impact of the coronavirus (COVID-19) pandemic, the CARES Act amended Section 7(a) of the Small Business Act to establish a new guaranteed, unsecured loan program. As discussed in greater detail in prior articles, one of the most attractive aspects of the Paycheck Protection Program is that borrowers who meet certain criteria are eligible to have their loans forgiven.
The Paycheck Protection Program Flexibility Act (PPPFA) overhauls the loan forgiveness requirements under the Paycheck Protection Program. Below is a brief summary of the most significant changes:
The SBA plans to issue rules and guidance regarding the changes, along with a modified borrower application form and a modified loan forgiveness application. If you need any assistance in regard to the Paycheck Protect Act or any of the Federal programs now available, please contact us. We have a dedicated team of attorneys here to help.
If you have any questions or if you would like to discuss the matter further, please contact me, Maryam Meseha, or the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
The U.S. House of Representatives and Senate Committees on Appropriations have approved FY2026 Agriculture appropriations bills (H.R. 4121 and S. 2256) that would dramatically impact dramatically impact federal hemp regulation by redefining the statutory definition of hemp. The proposed changes would effectively redefine legal hemp cannabinoid products. They would include only those that are naturally […]
Author: Daniel T. McKillop
New bid thresholds for various New Jersey public entities took effect on July 1, 2025. Contracting Units are advised to review their procurement policies and implementing ordinances or resolutions to determine if any changes are necessary. Corporate governance principles can help public entities establish proper oversight and compliance procedures for procurement activities. Adjustments to New […]
Author: David L. Blank
States have a problem. As costs and expenses rise, they must find new ways to raise revenue that is politically palatable that the taxpayers can live with. What is a state like New Jersey to do when it is staring at a $1.2 billion budget deficit? It already has exceedingly high property taxes. The sales […]
Author: Scott H. Novak
Many trademark scammers send official looking letters or emails urging immediate action to pressure you to pay them money for your trademark or “additional” services you do not require. If you ever receive a notice asking for payment as to your trademark from any such company, DO NOT PAY IT. To all our clients, we […]
Author: Ronald S. Bienstock
FinCEN Beneficial Owner Reporting Must be Completed by January 13 for pre-2024 Companies On December 23, 2024, the 5th Circuit Court of Appeals lifted the injunction that stayed the enforcement of the Corporate Transparency Act put into place by a federal judge in Texas. The result is that if you are required to file a […]
Author: Scott H. Novak
IMPORTANT UPDATE! FinCEN Corporate Transparency Act filings shut down by the US District Court for the Eastern District of Texas Under the Corporate Transparency Act (CTA), entities that were in existence before January 1, 2024 are required to file Beneficial Owner Reports (BOR) with the Financial Crimes Enforcement Network (FinCEN) before January 1, 2025. Requirements […]
Author: Scott H. Novak
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!