The latest information from the SBA, issued in Procedural Notice No. 5000-20057, has important implications for PPP recipients who have, are in the midst of, or are contemplating effecting a change in ownership of their entity. Of importance, certain changes of ownership will require the approval of the SBA, or, at the very least notice to the SBA.
Continuing the firm’s consistently high rankings on the annual “Top Lawyers” list published by Main Line Today, 15 attorneys from Gawthrop Greenwood have been named in 2020. Main Line Today is a regional lifestyle magazine that serves Pennsylvania’s western suburbs…
By Gordon W. Prince, Esq. In light of the newly executed Paycheck Protection Program Flexibility Act (the “Act”), discussed fully here, the SBA (in consultation with the U.S. Department of Treasury) issued a revised PPP loan forgiveness application, as well…
By Gordon W. Prince, Esq. The Paycheck Protection Program Flexibility Act of 2020, a bill that focuses on easing restrictions on small businesses who will be seeking to have their PPP loans forgiven, has been signed into law by the…
By Gordon W. Prince, Esq. The SBA has automatically extended the safe harbor Paycheck Protection Program loan repayment deadline to May 18, 2020, in light of the new guidance it has issued regarding the good faith certification all PPP loan…
May 14, 2020 UPDATE: SBA guidance now provides that borrowers who received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification regarding the necessity of the loan in good…
By Gordon W. Prince, Esq. If your business missed an opportunity to apply for government relief, or you were denied for lack of funds, there is another wave of relief in sight. The Senate and House have passed a new…
By Gordon W. Prince, Esq. As discussed in a previous article, the President signed into law the Families First Coronavirus Response Act (FFCRA), which addresses employee leave taken between April 1, 2020 and December 31, 2020 in response to COVID-19…
By Gordon W. Prince and P. Kristen Bennett On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law. The CARES Act contains numerous provisions aimed at helping both individuals and businesses financially…
By Gordon Prince, Esq. On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (FFCRA), which addresses employee leave taken between April 1, 2020 and December 31, 2020 in response to COVID-19 (Coronavirus). One goal of…