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PPP: Does a Borrower need its Lender’s Consent to a Change in Control Transaction?

USA - August 28 2020 Nothing in the CARES Act, Interim Final Rules, or Frequently Asked Questions currently requires Lender’s Consent in connection with a change in…

PPP: Who is subject to Owner-Employee Compensation Forgiveness Limitations?

USA - August 20 2020 Self-employed Schedule C (and Schedule F) filers, general partners, and other PPP borrowers that utilized 2019 IRS Form 1040 Schedule C line 31 net…

PPP: Does the Size of the Loan Affect Eligibility for Form 3508EZ?

USA - August 17 2020 No. PPP borrowers of any size may use Form 3508EZ, assuming they otherwise meet the eligibility requirements of that form. (Note: This is a first in…

(Final?) PPP Loan Approval Statistics through 8/8/2020

USA - August 12 2020 Barring further legislative action, the approval window for new Paycheck Protection Program Loans came to a close on August 8, 2020. Since the…

PPP: Can Forgivable Payroll Costs Exceed Loan Amount?

USA - August 11 2020 Yes, in completing a Paycheck Protection Program loan forgiveness application, we believe a borrower can appropriately report actual payroll costs…