Relaxed Requirements: Paycheck Protection Program Flexibility Act of 2020

Nonprofits and businesses with forgivable loans through the CARES Act’s Paycheck Protection Program (PPP) can rest a little easier, thanks to the Paycheck Protection Program Flexibility Act of 2020. On June 5, 2020, President Trump signed into law significant modifications to the CARES Act, shortly after the U.S. Senate’s unanimous approval. These modifications provide extensions and other relief to current and prospective PPP loan recipients, including timing and operational aspects.

    Coming Back to Work: The Careful COVID-19 "New Normal"

    Time to re-open?  Business owners, houses of worship, and other nonprofit leaders are waking up daily to new announcements about gradual re-openings in this next coronavirus phase of trial-and-error efforts.  Given significant concerns to be balanced as well as evolving medical implications of COVID-19, how should employers resume in-person work practices?

    Updated SBA "Safe Harbor": Presumed "Economic Uncertainty" for PPP Forgivable Loans

    Good news! The Small Business Administration released updated guidance today clarifying "economic uncertainty" certifications made by PPP borrowers. Under Q&A #46 the requisite good-faith certification of economic uncertainty will be conclusively presumed for loans of less than $2 million. As set forth in the SBA’s answer, this “safe harbor” allowance takes an essentially prudential and easily applicable approach.