Our Blog: Banking, Creditors’ Rights and Insolvency

Congress Authorizes Second Round of PPP Loans (“PPP2”) – How to Apply if You Already Have a PPP Loan

January 12, 2021

On December 27th, the President signed the “Consolidated Appropriations Act, 2021” (H.R. 133) (the “Act”).  In the... Read more

Tax Treatment of Expenses Paid with PPP Loans and EIDL Advances – Part 3

December 30, 2020

On December 27th, the President signed the “ Read more

Tax Treatment of Expenses Paid with PPP Loans – Part 2

November 30, 2020

On November 18, the IRS, home.treasury.gov/news/press-releases/sm1187, released supplemental guidance on the tax treatment of approved business... Read more

PA Offers COVID-19 Grants to Small Businesses – Starting June 30, 2020

June 30, 2020

On June 30, PA begins offering grants of between $5,000 to $50,000 to small businesses affected by the COVID-19 pandemic.   This is not a first-come, first served program and grants will become available in several separate offerings over the... Read more

SBA Updates Rules for PPP Loan Forgiveness

May 26, 2020

On May 22, the US Treasury updated the rules governing PPP loan forgiveness.  Some of the updates merely ratify the decisions made on loan forgiveness application form.  Read more

PPP Loan Forgiveness – SBA Released Application Form and Instructions on Friday May 15

May 18, 2020

If you have applied for a Paycheck Protection Program (“PPP”), the SBA released the application form (SBA Form 3508) and the worksheets you will have to submit to your lender shortly after June 30th... Read more

PPP Loan Updates

May 14, 2020

Certifications If you borrowed less than $2M under the Paycheck Protection Program (“PPP”) through the SBA, you will not have to provide financial information to prove that the PPP loan was... Read more

Tax Treatment of CARES Act – PPP Loan Forgiveness

May 1, 2020

In Notice 2020-32 , https://www.irs.gov/pub/irs-drop/n-20-32.pdf (released April 30, 2020), the IRS says that any expenses (payroll costs, health care costs, utilities, rent, and mortgage... Read more

Business Interruption Grant Program Proposed by PA Legislation

May 1, 2020

House Bill 2386, known as the COVID-19 Disaster Emergency Business Interruption Grant Act, has passed in the Pennsylvania House of Representatives.  Bill 2386 establishes the “COVID-19 Disaster Emergency Business Interruption Grant Program” to... Read more

Congress Restarts Stimulus Loan Program

April 22, 2020

The Senate passed the “Paycheck Protection Program and Health Care Enhancement Act” (the “Bill”) on Tuesday, April 21 and the House is expected to pass the Bill on Thursday, April 23.  The President has said that he will sign the Bill. ... Read more