New borrowings under the "Paycheck Protection Program"
(PPP) promulgated under The Coronavirus Aid,
Relief, and Economic Security Act (CARES Act), the
sweeping coronavirus relief package signed into law by President
Trump on March 27, 2020, have come to an end and borrowers under
the program are moving into the forgiveness and/or repayment phase
of PPP. PPP was designed for loans made under the program to
be forgiven by the private sector banks charged by the Small
Business Loan Administration (SBA) with lending
the funds. The PPP funds lent by banks are supported by a
guaranty by the SBA, making those banks whole if the loans are
forgiven or the borrowers obligated to repay do not do so.
Despite that, almost since borrowings started under PPP, the U.S.
Treasury Department, the SBA and some U.S. Senators and Members of
Congress have tried to chip away at the forgiveness rights of
borrowers of loan amounts, $2,000,000 or greater (Large
Loan Borrowers or LLBs), due to
