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To embed, copy and paste the code into your website or blog: On December 27, 2020 the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) was signed into law, which reopened the Paycheck Protection Program (PPP) both to first-time borrowers and, subject to stricter conditions and limits, to borrowers that previously received a PPP loan (second draw borrowers). [1] Under the Economic Aid Act, the last day to apply for and receive a loan under the reopened PPP is March 31, 2021. The Small Business Administration (SBA) and the Department of the Treasury (Treasury) have recently issued various interim final rules, borrower and lender application forms, and other guidance in connection with the reopened PPP. ....
To embed, copy and paste the code into your website or blog: As many property owners and business operators continue to face the economic malaise associated with government shutdown orders, a decline in foot traffic in many of the traditional brick and mortar businesses, and a slow roll out of the COVID-19 vaccines, a recent decision that is binding in all of the bankruptcy courts in Florida, Alabama and Georgia has decided that debtors in those states cannot obtain PPP loans. Bankruptcy courts have been split on whether a debtor is qualified to obtain a Small Business Administration (“SBA”) PPP loan that could be forgiven provided certain conditions are met by the debtor. However, the Eleventh Circuit In re Gateway Radiology Consultants, P.A., has now thrown away the proverbial “life raft” to debtors in bankruptcy by deciding that the SBA did not act improperly by its rule making authority or violate the CARES act when the SBA decided that debtors do not qualify f ....
Wednesday, December 30, 2020 The Eleventh Circuit recently affirmed the U.S. Small Business Administration’s (“SBA”) rule that makes bankruptcy debtors ineligible for a Payment Protection Program (“PPP”) loan under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). In its comprehensive opinion, the Eleventh Circuit determined that the SBA’s rule is not an unreasonable interpretation of the CARES Act and is not arbitrary and capricious. 1 The Eleventh Circuit joins the Fifth Circuit, which similarly held in June 2020 that a bankruptcy court exceeded its authority when it required the SBA to make a PPP loan available to a debtor in bankruptcy. ....
AP This July 21, 2012 photo, shows the exterior of the U.S. Courthouse for the 11th U.S. Circuit Court of Appeals in Atlanta. The state of Alabama is asking a federal appeals court to toss a lawsuit accusing lawmakers of racial discrimination for blocking a minimum-wage increase in majority-black Birmingham. At issue in arguments scheduled Tuesday, June 25, 2019, before the 11th U.S. Circuit Court of Appeals is a 2016 law requiring every city in Alabama to have the same minimum wage. (AP Photo/Mike Stewart) In a Florida case that could have broader implications, a federal appeals court Tuesday upheld a U.S. Small Business Administration decision that prevents businesses from receiving Paycheck Protection Program loans if they are in bankruptcy proceedings. ....
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