SBA Procedural Notice for PPP Loan Forgiveness
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 […]
COVID-19 Hazard Pay Grant Program Available in PA
On July 16, 2020, Pennsylvania Governor Tom Wolf announced the availability of $50 million in grant funding to assist employers in providing hazard pay to employees performing life-sustaining jobs during the COVID-19 pandemic. The intent of the COVID-19 Hazard Pay Grant Program (Program) is to ensure that front-line employees in vital industries are able to […]
What Governor Wolf’s Targeted Mitigation Efforts Mean for Pennsylvania Businesses
Rising COVID cases in counties across Pennsylvania led Governor Tom Wolf and Secretary of Health Dr. Rachel Levine to implement targeted mitigation efforts. These efforts, which went into effect the morning of Thursday, July 16, 2020, reimpose limits on gatherings and reemphasize the importance of telecommuting. Here is how the order breaks down: The food […]
PPP Loan Updates – What Businesses Need To Know
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 […]
SBA Simplifies PPP Forgiveness
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 […]
Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010)
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 […]
Pennsylvania’s Judicial Emergency to Cease as of June 1
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 […]
As Pennsylvania Re-opens for Business, Additional Guidance for Businesses is Released
As Pennsylvania re-opens for business, with all counties moving to the Yellow Phase by June 5 and some counties already in the Green Phase, new guidance has been issued for businesses as they move through the phases, in addition to the Business & Building Safety Guidelines. For counties moving into green phase the following guidance […]
Summary of Guidance on “To Go” Mixed Drinks for Hotel and Restaurant Licensees
On May 21, 2020, Governor Tom Wolf of the Commonwealth of Pennsylvania signed into law Act 21 of 2020, which allows certain hotel and restaurant licensees to temporarily sell prepared beverages and mixed drinks to go, effective immediately. Entities Covered By Act 21 Hotel and restaurant licensees that have lost at least 25% of […]
PPP Loan Forgiveness – Frequently Asked Questions
Updated May 18, 2020 What is “loan forgiveness”? The main benefit of the Paycheck Protection Program (PPP) is that if the proceeds from the loan are properly spent within the eight week “Covered Period”—which begins, at the election of the applicant, on the day the PPP proceeds are deposited into the applicant’s bank account or […]