SBA Releases Guidance on PPP Loans

Title:
SBA Releases Guidance on PPP Loans
Publication:
Riker Danzig Corporate Law Client UPDATE April 3, 2020
Attorneys:
Practice:

The Small Business Administration (the “SBA”) has released regulations and an updated application form for the  Paycheck Protection Program established under the CARES Act.  Although the regulations are intended to clarify the application process and provide additional information, certain aspects of the program remain unclear.  Below is a summary of areas that remain unclear and several important changes to the program.

Calculation of “payroll costs” for purposes of determining how much can be borrowed:  

Additional details:

The final application form is available on the SBA’s website.

Those interested in applying should speak with their lenders as soon as possible, given the first-come, first-served nature of the program.  If you have any questions about the program or application process, please contact Jason Navarino, Rich Lomuscio or any member of Riker Danzig’s Tax and Corporate Departments.

Please visit Riker Danzig’s COVID-19 Resource Center to stay up to date on all related legal issues.