PPP Updates: Calculation of the Loan Amount and Use of Loan Proceeds for Individuals Who File IRS Form 1040, Schedule C and Revisions to Eligibility Rules | Hinshaw & Culbertson LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
A. Congress
1. Republican leaders
urged their House Democrat counterparts to hold a joint hearing
regarding the undercounting of COVID-19 deaths in New York nursing
homes. The letter was signed by Energy and Commerce Ranking Member
Cathy McMorris Rodgers (R-WA), Energy and Commerce
Health Subcommittee Ranking Member Brett Guthrie (R-KY),
Republican Whip and Select
Subcommittee on the Coronavirus Crisis Ranking
Member Steve Scalise (R-LA), Ways and Means
Ranking Member Kevin Brady (R-TX), Ways and Means Health
Subcommittee Ranking Member Devin Nunes (R-CA), Rep. Tom Reed
(R-NY), and Oversight and Reform Committee Ranking Member James
Comer (R-KY).
2. On March 10, the House Small Business Committee held a
Mon, 03/15/2021 - 12:23pm tim
Vermont Business Magazine The US Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. This includes Vermont.
• All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
• All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.
Existing SBA disaster loans approved prior to 2020 in regular servicing status as of March 1, 2020, received an automatic deferment of principal and interest payments through December 31, 2020. This initial deferment period was subsequently extended through March 31, 2021. An additional 12-month deferment of principal and interest payments will be automatically
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After the Paycheck Protection Program (the PPP ) was
established in The Coronavirus Aid, Relief, and Economic Security
Act (the “CARES Act”), enacted on March 27, 2020,
debtors in bankruptcy cases applied for PPP loans. The Small
Business Administration (the SBA”) opposed PPP loans
for debtors, and courts were split as to whether the SBA could
block debtors from qualifying for and receiving PPP loans. Then
Congress passed the Consolidated Appropriations Act, 2021 (Act)
(Pub. L. No. 116-260), which was signed into law on December 27,
2020 (the “CAA”). The CAA amends the United States
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Borrowers seeking to apply for First Draw Paycheck Protection
Program (PPP) loans or Second Draw (PPP2) loans are required to
certify on loan applications that current economic
uncertainty makes this loan request necessary to support the
ongoing operations of the borrower or applicant. That necessity certification as it has come to be known, is
riddled with amorphous language that has proven to be a source of
confusion and ambiguity for borrowers from its inception. The
SBA initially offered vague, interpretive guidance to public and