Under new guidance from the Small Business Administration (SBA) issued through a Procedural Notice (Notice) on Oct. 2, 2020, certain PPP borrowers may be required to seek prior consent from the SBA for a change in ownership of equity or sale of assets. Notably, the Notice addresses a change in ownership interest of the PPP
Recently, the Small Business Administration and the Treasury Department released its latest guidance in the form of two interim final rules on loan forgiveness: “Business Loan Program Temporary Changes; Paycheck Protection Program –Requirements – Loan Forgiveness” and “Business Loan Program Temporary Changes; Paycheck Protection Program – SBA Loan Review Procedures and Related
Late on May 15, the SBA released its PPP Loan Forgiveness Application. View the application form and instructions here.
The U.S. Treasury also published some initial, limited commentary. Find the commentary here.
These documents provide certain guidance on options for calculation of payroll costs, instructions on performing required calculations under the CARES Act,
Global law firm Greenberg Traurig, LLP was ranked in the legal category of the Chambers and Partners 2019 FinTech Guide in both U.S. and Japan jurisdictions. In addition, the following shareholders were listed as notable practitioners: