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Robert R. PerryBlog Posts

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Small Business Administration Issues Additional Guidance on Forgiveness of Paycheck Protection Program Loans

The Small Business Administration (SBA) has issued guidance on the forgiveness provisions applicable to loans made under the Paycheck Protection Program (PPP) created by the CARES Act. The SBA was required to issue guidance on these provisions within 30 days of the enactment of the CARES Act, or no later than April 26, 2020. On May...… Continue Reading
May 26, 2020

Small Business Administration Issues Guidance on Forgiveness of Paycheck Protection Program Loans

The Small Business Administration (SBA) has issued guidance on the forgiveness provisions applicable to loans made under the Paycheck Protection Program (PPP) created by the CARES Act. The SBA was required to issue guidance on these provisions within 30 days of the enactment of the CARES Act, or no later than April 26, 2020. On May...… Continue Reading
May 21, 2020

Small Business Administration (Finally) Clarifies Paycheck Protection Program Necessity Certification

Recent statements by Small Business Administration (SBA) and Treasury Department officials have confused many Paycheck Protection Program (PPP) borrowers and led many to return PPP funds or consider doing so. Finally, the SBA has issued FAQ 46, which should assuage many borrowers’ concerns. Previously, the SBA notified borrowers through a number of pronouncements that they...… Continue Reading
May 13, 2020

Church Successfully Challenges SBA’s Legislation of PPP by Regulation; More to Follow?

The Small Business Administration (SBA) violated federal law by imposing conditions for loans under the Paycheck Protection Program (PPP) that were not enacted in the Coronavirus Aid, Relief, and Economic Security Act, H.R. 748, P.L. 115-136 (CARES Act), Judge David Thuma has held. Roman Catholic Church of the Archdiocese of Santa Fe v. United States...… Continue Reading
May 11, 2020

SBA, Treasury Clarify Treatment Of Foreign Affiliates Under PPP Eligibility Criteria

In our post of April 4, we advised there was an ambiguity between the CARES Act and subsequent guidance issued by the Small Business Administration (SBA) on whether employees of foreign affiliates of applicants are considered when determining eligibility for Paycheck Protection Program (PPP) loans. Applicants in the SBA’s Business Loan Programs (which includes the...… Continue Reading
May 6, 2020

Too Good to Be True? Treasury, SBA Limit Benefits of PPP Loans

Guidance issued by the Treasury Department and the Small Business Administration (SBA), the federal agency that administers the Paycheck Protection Program (PPP), demonstrates that the PPP loans, as originally thought, were too good to be true. PPP was established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), Public Law...… Continue Reading
May 1, 2020

PPP Loan Forgiveness: Some Answers, Many Questions

Much has happened in the three-plus weeks since the Coronavirus Aid, Relief, and Economic Securities (CARES) Act was enacted on March 27, 2020.  The $349 billion dollars appropriated to the newly created Paycheck Protection Program (PPP) has been exhausted.  The Small Business Administration (SBA), the Federal agency administering the PPP, reports they have made over...… Continue Reading
April 22, 2020

Will New Stimulus Bill Include Multiemployer Pension Reform?

What could be in the next stimulus bill in response to the COVID-19 pandemic? Congress reportedly is working on a bill (dubbed “Stimulus 3.5”) that includes additional funding for the Paycheck Protection Program created by the CARES Act.  Will the new stimulus bill address long-awaited reforms to the multiemployer pension plan system? The imminent collapse...… Continue Reading
April 21, 2020

Do Employers Count Employees of Foreign Affiliates When Determining Eligibility Under the Paycheck Protection Program?

Applicants in the Small Business Administration’s (SBA) Business Loan Programs (which include the Paycheck Protection Program (PPP)) are generally subject to the affiliation rule in 13 CFR Section 121.301, subject to certain statutory waivers.  These rules provide that in determining a concern’s size, the SBA counts the employees of both the concern whose size is...… Continue Reading
April 4, 2020

2nd Circuit Pension Liability Ruling Is A Big Win For Employers

As published by Law360 (January 13, 2020, 5:43 PM EST) — Following oral arguments that were held in February 2018, in a long-anticipated decision in the National Retirement Fund v. Metz Culinary Management Inc., the U.S. Court of Appeals for the Second Circuit held that a multiemployer pension fund’s use of a lower interest rate that was...… Continue Reading
January 14, 2020

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