Expanding to 24 weeks, from eight weeks, the covered period during which PPP loan recipients can spend the funds and still qualify for loan forgiveness. The 24-week period applies to all loans made on or after June 5. Borrowers that received loans before June 5 can choose to elect ...
The SBA argued that disclosing the names of loan recipients could violate their privacy because PPP loans are tailored to the size of a business’s payroll. Boasberg, however, denied the SBA’s request to keep the data confidential, saying the loan application “expressly notified potential borrow...
In the absence of a pre-loan approval written agreement between the agent and Bank of America, Bank of America does not pay fees or other compensation to agents who represent or assist borrowers through the Paycheck Protection Program. Does Bank of America disclose the names of PPP recipients?
If the SBA determines that the borrower was ineligible for a PPP loan, the loan cannot be forgiven. Upon finding ineligibility for the PPP, the SBA may seek repayment of the loan or pursue other remedies. Significantly, if a borrower is found to be ineligible for the PPP loan, the ...
Following U.S. Federal Judge James Boasberg’s order to the Small Business Administration for the release of names and precise loan amounts of all Paycheck Protection Program and Economic Injury Disaster Loan borrower recipients, the Administration compl
The U.S.Senate passed the"Paycheck Protection Program Flexibility (PPP) Act of 2020"June 4,which extends the PPP and amends the.terms of the program for loan recipients.According to the Auto Care Association,the bill changes the terms of... TR Group - 《Tire Review》 被引量: 0发表: 20...
Even if forgiveness is granted, a lingering question remains: How will SBA audit PPP loans? SBA has previously indicated that it will review all loans $2 million or more with respect to the good-faith certification required to be made at the time of the loan application tha...
You might then be wondering why the SBA would choose to launch this portal now — more than a year after the program launched and two months after the first PPP recipients began repaying the loans that haven’t already been forgiven. The delayed timing may well be deliberate, says Bill Bri...
If you returned all or part of your PPP loan, you could reapply for the maximum amount applicable—provided you had not already received forgiveness. Further, if you would be eligible for a higher loan amount due to interim final rule changes, then you could work with your lender to modify...
Payroll Tax Credits and PPP Interplay: Enter the IRS Employment Tax and SBA PPP Loan AuditChristensen, ShannonTax Executive