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Ensuring Paycheck Protection Program Loan Forgiveness

May 8, 2020 Media Mentions
Forbes

On May 8, Forbes published an article, "Here's What You Can Do Now to Ensure Paycheck Protection Program Loan Forgiveness," discussing eligible businesses looking for the Paycheck Protection Program (PPP) funding that was made available with the Coronavirus Aid, Relief, and Economic Securities Act (CARES). Weeks after many companies applied for PPP funding, the SBA and Treasury issued new guidance on the certifications required under the Program, and then announced that many participants will be subject to special audit and review. Business law attorney Greg Fryer from Verrill was quoted in the article, on the subject of the upcoming audits and on timing issues for forgiveness benefits under the Program.

To read the full Forbes article, click here. To learn more about the PPP Loan Forgiveness Program, click here for Greg's authored alerts.

Firm Highlights

Publication/Podcast

60% Is Not a Cliff, Indeed

On June 11, the Small Business Administration (SBA) and the Treasury Department published important guidance that the revised 60% condition under the Paycheck Protection Program Flexibility Act will be applied proportionately, and not as...

Publication/Podcast

The New PPP Math: 24 + 60 = > Forgiveness + > Paperwork

On June 5, the President signed into law the Paycheck Protection Program Flexibility Act. This is the second amendment to the Program, the first being on April 24, to increase funding levels to $659...

News

Paycheck Protection Program Focuses on Short-Term and Misses Long-Term Damages

On June 8, the Portland Press Herald published an article, "Revamped emergency loan program remains a short-term fix," discussing the Paycheck Protection Program's (PPP) extended deadlines and loosened restrictions, but lack of solutions to...

Matter

Banking: Helping Non-Depository Trust Companies Do Business in Other States

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Event

IP & Business Transactional Strategies as Life Science Companies Plan Their U.S. Market Entry

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News

38 Verrill Attorneys, Across Four Offices, Recognized in 2020 Chambers & Partners Guide

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Matter

Allagash becomes Maine’s First Benefit Corporation

Allagash Benefit Event
News

Bill is Passed for Eased Restrictions on PPP Loan

On June 3, the Senate passed the Paycheck Protection Flexibility Act, easing the restrictions on how businesses spend their Paycheck Protection Program (PPP) loans, which may allow small business owners more room for qualifying...

Publication/Podcast

PPP Math for the Self-Employed: And, Yes, There is Still Time

The Small Business Administration reports that as of May 23 it still had nearly $150 billion of untapped Paycheck Protection Program funds. The Program has been underutilized by self-employed business owners, in part due...

Matter

Banking: Establishment of Non-Depository Trust for National Company

Verrill served as special counsel to a national firm in the chartering and licensing of a Maine non-depository trust company as the client’s wholly-owned subsidiary. Non-depository trust companies are highly regulated, and the matter...