SBA Provides Rules for Second Draw PPP Loans

Wednesday night, SBA & Treasury released new guidelines for PPP Loans.  The guidance is in two interim final rules. The first is the Business Loan Program Temporary Changes; Paycheck Protection Program as Amended. This updates the rules for PPP loans for first-time borrowers and provides the changes that were made in the recent legislation.   The Second Interim … Continued

New COVID Relief Bill

A new $900 billion coronavirus relief bill has become law and answers the question of whether federal Emergency Paid Sick Leave (EPSL) and Emergency Family and Medical Leave (EFMLA) will be extended. The answer is yes, but it’s an option, not a requirement. Here’s what employers need to know: Offering EPSL and EFMLA after December … Continued

FFCRA Leave Extended

On Monday, December 21st, the Senate and House of Representatives passed the Consolidated Appropriations Act, 2021, the second COVID-19 relief bill since the CARES Act in March. Full text of the bill is available here.  The $900 billion bill provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more … Continued

Pittsburgh Enacts COVID-19 Paid Sick Leave Ordinance

On December 9th Pittsburgh Mayor Bill Peduto signed a Temporary COVID-19 Emergency Paid Sick Leave Ordinance. This gives certain workers in the city an additional 80 hours of paid sick time taking effect immediately. Pittsburgh employers with at least 50 employees must make the maximum amount of paid leave available to eligible employees in addition to … Continued

Simpler PPP Forgiveness for Loans up to $50K

This month The U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. Please see … Continued

The SBA issues FAQs Regarding Loan Forgiveness

On Tuesday the Small Business Administration released a sheet of FAQs regarding PPP Loan Forgiveness. The FAQs are very detailed and provide much needed clarification on a host of topics including calculating owner’s compensation, payroll costs, group health benefits, and loan forgiveness reductions.   The SBA also includes specific calculation examples and scenarios to help illustrate … Continued

Senate Releases COVID-19 Relief Proposal

As always, we’re keeping you abreast of the all the updates coming out of Washington regarding COVID-19 relief and PPP. After much anticipation, the Senate has released its latest effort on these efforts. A summary of the proposal is below.  While this is nowhere near a finalized piece of legislature, it’s a jumping off point … Continued

New PPP Loan Report & Legislative Update

As promised, below you will find instructions for Phase 2 of the PPP Loan Forgiveness Report.   Additionally, Trump just signed into law the PPP Flexibility Act of 2020.  The full legislative text can be found here. The legislation amends and expands the Cares Act provisions related to PPP Loan Forgiveness.  Below are some of the key points: … Continued