Congress has just passed the Paycheck Protection Program Flexibility Act, which President Trump is expected to sign into law. Significantly, this bill extends the time that businesses have to spend Paycheck Protection Program (“PPP”) loan funds and changes the PPP forgiveness rules. Important aspects of the bill are summarized below. The Paycheck Protection Program Flexibility… Read More »
Link Below to PPP Loan Forgiveness Application and Instructions On Friday, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans,… Read More »
We highlight the following for borrowers:The SBA issued an Interim Final Rule related to “Business Loan Program Temporary Changes; Paycheck Protection Program.” This Rule is effective on publication in the Federal Register and applies until June 30, 2020, or the funds allocated are exhausted. It is available here. No more that 25% of the loan proceeds may be expended… Read More »
Palmieri Tyler has compiled the following list of most frequently asked questions and concerns from employers during this rapidly evolving situation. We have provided general responses to the questions and concerns below, but should your situation present more specific circumstances, as all businesses are unique in their procedures, policies, practices, and operations, we encourage you to… Read More »
Can the Coronavirus be spread through food, including refrigerated or frozen food? According to the CDC “Coronaviruses are generally thought to be spread from person-to-person through respiratory droplets. Currently there is no evidence to support transmission of COVID-19 associated with food.” How are restaurants responding? The foodservice industry follows strict local public health guidelines. To… Read More »