Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comAuthor: Scarinci Hollenbeck, LLC|June 12, 2020
The 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.
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.
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