On Monday, January 11, 2021, the U.S. Small Business Administration (the SBA) along with the Treasury Department re-opened the Paycheck Protection Program (PPP) for both new and existing borrowers. This article focuses on existing PPP borrowers and outlines the steps to take to apply for a second draw PPP loan. Business principals considering a PPP […]

On December 27, 2020, the Economic Aid Act was signed into law, which is intended to, among other things, continue providing assistance to companies and entrepreneurs whose businesses were adversely affected by the global COVID-19 pandemic. A key provision of the Economic Aid Act is an expansion of the already existing Paycheck Protection Program (PPP). […]

Good news for small businesses. On November 20, 2020, the Northampton County COVID-19 Relief Small Business Grant Program re-opened and is currently accepting applications. Northampton County Council has approved this Grant Program, in partnership with the Greater Lehigh Valley Chamber of Commerce, that will distribute $1.3 million dollars of CARES Act Funds to Northampton County […]

On October 26, 2020, the U.S. Small Business Administration (SBA) issued a notice that it intends to release two new forms relating to borrowers’ good faith certifications that current economic conditions made the Paycheck Protection Program (PPP) loan necessary to ongoing business operations.  The new documents are Form 3509 – Loan Necessity Questionnaire (For-Profit Borrowers) and […]

On July 23, 2020, the Small Business Administration (SBA) issued a procedural notice to lenders participating in the Paycheck Protection Program (PPP) concerning the loan forgiveness application process. The notice informs lenders that beginning August 10, 2020, they may begin submitting forgiveness applications through an online platform. The notice states that the SBA intends to […]

On July 4, 2020, President Trump signed a new law extending the deadline for applying for a Paycheck Protection Program (PPP) loan to August 8, 2020. As the program was initially set to expire on June 30th, this extension provides potential borrowers additional time to access the program under its existing terms. Currently, it is […]

As many business owners are well aware, the Paycheck Protection Program (PPP) rules and guidelines regarding loan forgiveness are complex and carry a high compliance burden. In order to obtain PPP loan forgiveness, borrowers are required to complete a rather complicated forgiveness application that is then reviewed by the borrower’s lender. In response to  comments […]

More than two months have passed since Governor Tom Wolf declared the closing of non-life-sustaining businesses. During these months of closure and stay-at-home, Governor Wolf introduced a phased reopening plan for Pennsylvania in which a three-phase approach (Red, Yellow and Green Phases) is used to determine when counties and/or regions are ready to begin opening […]

Following significant backlash from business owners, members of Congress, accountants, academics and others, yesterday, Congress passed H.R. 7010, otherwise known as the Paycheck Protection Program Flexibility Act of 2020, and is expected to be signed into law by the President, today, June 4, 2020.  H.R. 7010 is a bill that modifies the CARES Act in […]

On May 21, 2020, the Pennsylvania Supreme Court issued an Order declaring that the previously established judicial emergency in Pennsylvania will cease after June 1, 2020. However, the Court also ordered that previously entered judicial orders in the intermediate appellate courts and local courts shall remain in full force and effect until they expire by […]