As many small businesses pass or approach the end of their original 8-week PPP loan forgiveness period, new legislation and SBA rules may assist some small businesses in maximizing their PPP loan forgiveness. The following are just a few of the highlights from the new legislation and corresponding SBA rules that relate to loan forgiveness:
The Kansas City Business Journal highlights Braden Perry, among other experts, in an article on Paycheck Protection Programs (PPP) loans and compliance. If PPP loan recipients do not follow the compliance guidelines, they must be repaid in full in no less than two years. However, the rules of compliance are ever-changing. “Braden Perry, a partner at
New SBA guidance for the PPP loan program states that all PPP loans under $2 million will be considered within the “safe harbor” regarding the certification that the loan was necessary. The SBA had previously issued conflicting guidance on how it would review the good faith nature of this certification by PPP recipients. The SBA
PPP Loan-Should I Give It Back? By Jeff Donoho and Benjamin Tompkins – Kennyhertz Perry May 8, 2020 https://www.bizjournals.com/kansascity/news/2020/05/08/ppp-loan-should-i-give-it-back.html For small business participants in the SBA’s Paycheck Protection Program (PPP), the roll out of rules and regulations may seem like a complex and never-ending maze. New updates to the SBA’s online FAQs regarding borrower “certifications”
Legal Guidance on Avoiding Liability for Your Business as Covid-19 Stay-At-Home-Orders are Lifted By Mit Winter – Attorney, Kennyhertz Perry May 1, 2020 https://www.bizjournals.com/kansascity/news/2020/05/01/legal-guidance-on-avoiding-liability-for-your.html The governors of Kansas and Missouri both announced that beginning May 4, stay-at home orders will be eased and certain businesses will be able to reopen. While this is great news for businesses
NPR in Kansas City features Jeff Donoho in a story about the reopening of Guitar Center Distribution Center, less than two weeks after it was ordered to shut down in the Northland. City officials say that the distribution center is taking all the necessary precautions for safety of the workers, and the business is now
Companies and individuals in the United States are confronting unprecedented challenges triggered by COVID-19, which has shuttered businesses, disrupted travel, supply chains, and the financial markets, and threatened global economic stability. In response to the pandemic, the United States government has responded with the most significant economic stimulus package in history called the Coronavirus Aid,
The SBA CARES Paycheck Protection Program (“PPP”) has evolved quite a bit since it was passed into law just one week ago. After providing preliminary rules and guidelines earlier this week, the Small Business Administration (“SBA”) issued its interim final rules yesterday afternoon April 2nd. Here are some of the big changes reflected in these
With COVID-19 causing serious disruption to US businesses, a number of programs have been created to assist small businesses with their ongoing expenses. Below is a summary of two loan programs that all small businesses should consider: the CARES Paycheck Protection Program and SBA Economic Injury Disaster Loans. Please reach out to us if you
The Coronavirus Stimulus Bill, which was passed by the Senate and expected to be passed by the House today and signed by President Trump into law, will provide struggling small businesses with another method for seeking loans related to economic injuries from the COVID-19 pandemic. The Coronavirus Stimulus bill allocates $349 billion to the Small
Executive Summary: The primary focus right now is on health and safety. But when the pandemic ends or slows there will be many commercial claims – disputes about the non-delivery of goods and services. This blog suggests that businesspersons should first consider their attitude in approaching such problems. Times like this call for a certain
Kansas City Missouri has added an online FAQ regarding its recent “Stay At Home” Order. In addition to general details about the “Stay At Home” Order itself, many of the questions focus on whether certain types of businesses are considered essential or non-essential. This FAQ provides additional context regarding the identification of “essential” businesses that
