PPP Forgivable Loan Program: An Update from the SBA

April 3, 2020 Alerts and Newsletters

The SBA has published an interim final rule that describes the Paycheck Protection Program. This includes a useful explanation of various elements of the Program. The rule can be found online: https://home.treasury.gov/system/files/136/PPP--IFRN FINAL.pdf. Starting at page 8 are several examples of how to calculate average monthly payroll – a key number that (when multiplied by 2.5) is a dollar amount that can be borrowed under the Program.

As noted in the rule, if your business received a recent Economic Injury Disaster Loan (EIDL) from Treasury, you can add that amount to your payroll-derived total.

Firm Highlights

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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...

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Verrill Attorney Gregory Fryer Recognized as Top Author in JD Supra 2021 Readers Choice Awards

(April 8, 2021) – Verrill attorney Gregory Fryer was recognized as a top author for finance and banking in JD Supra’s 2021 Readers Choice Awards . The top ten authors were selected for each...

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PPP Forgiveness Planning Scenarios

How to use this article: You already know that the Paycheck Protection Program (PPP) is highly complex, with intertwining conditions, exceptions, and definitions that defy simple explanation. This article assumes that you are pretty...

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2021 JD Supra Readers' Choice Awards

JD Supra, a daily source of legal intelligence on a variety of topics, recognized law firms and top authors for their thought leadership in key topics in its 2021 JD Supra Readers' Choice Awards...

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Allagash becomes Maine’s First Benefit Corporation

Allagash Benefit Event
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New Reporting and Penalties for Small Business Owners

In the United States of America, what do a small restaurant owner, a real estate developer who wants to keep properties separate, a mom-and-pop store with fewer than 20 employees and a drug cartel...

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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...

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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...

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