Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 02 JUNE 2020

A Few Questions Answered – SBA Issues PPP Loan Application And Additional Interim Final Rules

Ward and Smith, P.A
Explore more from Ward and Smith, P.A

Over the last six weeks, PPP loan borrowers understandably had a multitude of questions about the loan forgiveness process.

United StatesEmployment and HR
William S. Durr
William S. Durr

Over the last six weeks, PPP loan borrowers understandably had a multitude of questions about the loan forgiveness process. 

After all, without forgiveness, the PPP loan is nothing more than just another business debt obligation, at a time when most businesses do not need another debt obligation.  If a business does not obtain forgiveness of all or a vast majority of the loan, the repayment requirements may cause a struggling business to never recover.  In fact, it is for this very reason that we developed the Forgiveness Maximizer" program.

With the forgiveness application issued on May 15 and an interim final rule regarding loan forgiveness issued May 22, 2020, the SBA clarifies several of the forgiveness issues we and most borrowers were struggling with.  We will review some of the answers in this article and discuss how they might impact what steps a borrower might take as it prepares for completing the forgiveness application.  A later article will address

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Treasury Issues Temporary Regulations On Trump Accounts And Contributions

The U.S. Department of the Treasury and IRS recently issued temporary regulations that provide an immediately effective framework for establishing and administering “Trump Accounts,” including broad automatic enrollment and large-scale contributions funded by governmental and charitable donors. The regulations became effective September 30, 2026, apply to taxable years beginning on or after January 1, 2026, and expire September 30, 2029.
United StatesEmployment and HR
Fennemore Craig, P.C.
Fennemore Craig, P.C.
Article

IRS Issues New Revenue Procedure

The IRS has released Revenue Procedure 2026-24, establishing new inflation-adjusted limits for Health Savings Accounts and high-deductible health plans effective in 2027. These updates include increased contribution limits, higher minimum deductibles, and expanded out-of-pocket maximums, along with new provisions for direct primary care service arrangements under the One, Big, Beautiful Bill Act. How will these changes impact employee benefit planning and healthcare coverage strategies?
United StatesEmployment and HR
Winston Taylor
Winston Taylor
Article

Allegheny County Council Passes Paid Parental Leave Policy

On Tuesday, October 20, 2026, the Allegheny County Council passed legislation requiring employers with at least 15 workers to provide 12 weeks of paid parental leave, ending months-long debate on the proposal. We previously reported on the initial 18-week proposal in May 2026 (summarized here), the revised proposed legislation (summarized here), and the Allegheny County Board of Health passing the legislation (summarized here). The measure was passed in an 11-4 vote. It will become effective in one year, as County Executive Sara Innamorato signed the bill on, October 22, 2026.
United StatesEmployment and HR
Buchanan Ingersoll & Rooney
Buchanan Ingersoll & Rooney
Article

DOL Announces Enforcement Actions Against Employers In H-1B And PERM Fraud Probe

The Trump Administration has launched an unprecedented enforcement action suspending permanent labor certification processing for eight major employers, linking immigration sponsorship to layoff histories and recruitment practices. This development signals a fundamental shift in how the government evaluates employer access to H-1B and green card programs, with investigations already underway and subpoenas served.
United StatesEmployment and HR
Mayer Brown
Mayer Brown
Article

Maryland’s Ban On Mandatory Employer Meetings: Notice Deadline Looms

Maryland employers must comply with new posting requirements under the Worker Freedom Act, which prohibits penalizing employees who decline attendance at employer-sponsored meetings on religious or political matters. The Maryland Department of Labor has released official notices in English and Spanish that must be displayed prominently in workplaces and provided to new hires starting November 1, 2026.
United StatesEmployment and HR
Jackson Lewis P.C.
Jackson Lewis P.C.
Article

Countdown To Compliance: Employer Preparations For Nov. 2026 OSHA HazCom Deadlines

OSHA's revised Hazard Communication Standard requires covered employers to update chemical labels, written hazard communication programs, and employee training by November 20, 2026. The revisions align with the UN's Globally Harmonized System and introduce new hazard classifications, downstream use considerations, and updated requirements for compressed gases and aerosols. Employers must navigate separate compliance timelines for chemical mixtures while ensuring their workplace practices meet the updated st
United StatesEmployment and HR
Jackson Lewis P.C.
Jackson Lewis P.C.
Article

After Learning Resources: Liquidation, Protests, And IEEPA Tariff Refunds

U.S. Customs and Border Protection has announced October 6, 2026, as the launch date for Phase 3 of its IEEPA tariff refund system, allowing plaintiffs with Court of International Trade reliquidation orders to submit older entries for processing. This development follows the Supreme Court's decision in Learning Resources, Inc. v. Trump, which invalidated the IEEPA tariffs, but the refund process depends on complex customs liquidation rules...
United StatesInternational Law
Ward and Smith, P.A
Ward and Smith, P.A
Article

Trump Administration’s New Section 301 Tariffs Reach Nearly All U.S. Imports

On July 23, 2026, the Office of the United States Trade Representative imposed new Section 301 tariffs on imports from 60 trading partners, affecting approximately 99.4% of U.S. imports. The tariffs, ranging from 10% to 12.5% depending on the country, aim to pressure foreign governments to strengthen controls on forced-labor imports, with different calculation methods for the European Union, Taiwan, Japan, South Korea, and Switzerland. The action creates significant implications for U.S. supply chains, with
United StatesInternational Law
Ward and Smith, P.A
Ward and Smith, P.A
Article

Water Rates Are Becoming The Next Utility Affordability Flashpoint

Water utility bills are rising faster than electricity rates across America, driven by aging infrastructure, stricter regulations, and system consolidations. This analysis examines why investor-owned water utilities in North Carolina are experiencing accelerating rate increases and explores the legal, economic, and affordability challenges facing regulators and low-income households.
United StatesEnergy and Natural Resources
Ward and Smith, P.A
Ward and Smith, P.A