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ARTICLE · 25 MAY 2020

PPP Loan Program Updates: Additional Funding And Valuable "Safe Harbors"

Frankfurt Kurnit Klein & Selz PC
Frankfurt Kurnit Klein & Selz PC
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Frankfurt Kurnit Klein & Selz PC

Frankfurt Kurnit Klein & Selz PC

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The initial tranche of $349 billion authorized under the PPP loan program was fully allocated by April 16th -- two weeks from the date on which applications were first being accepted. The second tranche of $310 billion...

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Availability of Funding. The initial tranche of $349 billion authorized under the PPP loan program was fully allocated by April 16th -- two weeks from the date on which applications were first being accepted.  The second tranche of $310 billion, approved April 24th, is not being distributed as quickly. According to Small Business Administration data, as of May 8th, 2020, approximately $189 billion in PPP loans had been approved under the second phase of the PPP loan program. This would mean that at least $120 billion in loan capital remained available for PPP loans as of that date (and possibly more, to the extent that previously approved PPP loans were returned by the borrowers).

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This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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