Much ink has been spilled in recent weeks about how some recipients of Paycheck Protection Program (“PPP”) relief obtained their loans through mistakes or false pretenses. Now banks are coming under fire for their lending practices in connection with this hastily prepared and implemented program, which left them grappling with how to properly issue loans in the face of procedural and substantive gaps in the law. Many lenders tried to fill these gaps by supplementing the PPP application to address practical concerns not covered in the law. Two recent cases, however, demonstrate ...
On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “Act”), which relaxes various rules under the Coronavirus Aid, Relief, and Economic Security Act’s (the “CARES Act”) $670 billion Paycheck Protection Program (the “PPP” or “Program”) managed by the U.S. Small Business Administration (“SBA”). The PPP provides forgivable loans to small businesses to keep their workers on the payroll during the COVID-19 pandemic.
The Act is the first major statutory overhaul of the PPP, which has been ...
Blog Editors
Recent Updates
- VHRA Updates: Virginia Widens Employer Coverage and Extends Discrimination Complaint Filing Deadlines
- Watch: States Are Now Writing the Workplace AI Rules - Employment Law This Week
- Watch: Hemant Gupta Bridges the Gap Between Cutting-Edge Technology and Intellectual Property Protection
- A Proposed Overhaul to Federal Grantmaking: What It Could Mean for Grantees, Healthcare and Other Researchers, and Colleges and Universities
- Watch: Agencies Step Up DEI Scrutiny, DOL Clarifies Overtime Rules, and California Court Limits PAGA Claims - Employment Law This Week