CARES Act

The Paycheck Protection Program provides eligible businesses, certain nonprofits and individuals with self-employment income with potentially forgivable loans to pay 8-weeks of payroll costs including benefits. Loan funds can also be used to pay rent, utilities and interest on mortgage obligations incurred before February 15, 2020. [read more]

» Our one-page guide to Paycheck Protection Program loan terms and conditions, including a list of the documents a borrower should be preparing for their loan application [Download]

» Learn more about our recently launched Paycheck Protection Program loan forgiveness calculation services –NEW-

Latest Developments

» October 8, 2020 | The U.S. Small Business Administration posted a twenty-fifth Interim Final Rule on Additional Revisions to Loan  Forgiveness and Loan Review Procedures Interim Final Rules, providing guidance to borrowers with PPP loans of $50,000 or less. [read more]

» October 2, 2020 | The U.S. Small Business Administration issued a new Procedural Notice to provide guidance on the required procedures a borrower that received Paycheck Protection Program funds must follow if they are selling their business and there is a change of ownership. [read more]

» August 24, 2020 | The U.S. Small Business Administration posted a twenty-fourth Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs, providing guidance on the owner-employee compensation rule for PPP loan forgiveness purposes, as well as limitations on the eligibility of certain nonpayroll costs (including rent payments to a related party) for forgiveness. [read more]

» August 11, 2020 | The U.S. Small Business Administration posted a twenty-third Interim Final Rule on Appeals of SBA Loan Review Decisions Under the PPP, to inform borrowers and lenders of the process for a borrower to appeal certain SBA loan review decisions to the SBA Office of Hearings and Appeals. [read more] 

» August 11, 2020 | SBA added three Economic Injury Disaster Loan (EIDL) FAQs to their list of Frequently Asked Questions (FAQs) on PPP Loan Forgiveness. These FAQs relate to EIDL advances and how they will reduce a PPP borrower’s loan forgiveness amount. You can read our post discussing the PPP loan forgiveness FAQs. [read more]

» August 10, 2020 | The U.S. Small Business Administration (SBA) launched their Paycheck Protection Forgiveness Platform, allowing lenders to begin submitting their PPP forgiveness decisions the SBA.  

» August 8, 2020 | The Paycheck Protection Program closed at 11:59 pm. As such, the U.S. Small Business Administration is no longer accepting new PPP loan applications from lenders. 

» August 4, 2020 | The U.S Small Business Administration released new guidance – Frequently Asked Questions (FAQs) on PPP Loan Forgiveness – to address borrower and lender questions concerning the forgiveness of PPP loans, as provided for in the CARES Act, and amended by the Paycheck Protection Program Flexibility Act. [read more]

» July 4, 2020 | President Trump signed the Paycheck Protection Program Extension Act into law, providing small business an extension to apply for PPP loans to August 8, 2020. 

» June 25, 2020 | The U.S. Small Business Administration posted a twenty-second Interim Final Rule on Certain Eligible Payroll Costs, providing guidance to fishing boat owners, on whether they can include payroll costs attributable to crew-members in their PPP loan applications. [read more]

» June 24, 2020 | The U.S. Small Business Administration posted a twenty-first Interim Final Rule on Additional Eligibility Revisions to First Interim Final Rule, adding two additional modifications to eligibility requirements for PPP loan applicants with criminal histories. [read more]

» June 22, 2020 | The U.S. Small Business Administration issued a Procedural Notice to provide guidance for when PPP loan proceeds must be used to refinance Economic Injury Disaster Loans (EIDL) and to inform PPP Lenders of the procedure for remitting to the SBA any PPP loan proceeds designated for the refinance of an EIDL.

» June 22, 2020 | The U.S. Small Business Administration posted a twentieth Interim Final Rule on Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules, revising PPP loan review procedures by lenders and the SBA, to conform to changes resulting from the Flexibility Act. 

» June 17, 2020 | The U.S. Small Business Administration posted a nineteenth Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules, revising additional PPP provisions to reflect changes resulting from the Flexibility Act. 

» June 16, 2020 | The U.S. Small Business Administration released a revised PPP Loan Forgiveness Application Form and a new simplified loan forgiveness application form (3508EZ) for eligible borrowers that requires fewer calculations to be done and less documentation.

For more information, click here to access the slides or recording of our June 26 webinar, where our team reviewed and discussed the revised loan forgiveness application and new EZ loan forgiveness application in detail. 

» June 12, 2020 | The U.S. Small Business Administration posted an eighteenth Interim Final Rule on Additional Revisions to First Interim Final Rule, that revises PPP eligibility requirements for small business owners with prior felony convictions. [read more] 

» June 11, 2020 | The U.S. Small Business Administration posted a seventeenth Interim Final Rule on Revisions to the First Interim Final Rule, that revises SBA’s interim final rule posted on April 2, 2020, by changing key provisions of the PPP, to conform to the Paycheck Protection Program Flexibility Act. [read more]

» June 5, 2020 | The U.S. Small Business Administration posted a sixteenth Interim Final Rule on Eligibility of Certain Telephone Cooperatives, providing guidance on the eligibility of mutual or cooperative telephone companies (telephone cooperatives) as PPP borrowers. [read more] 

» June 5, 2020 | President Trump signed the Paycheck Protection Program Flexibility Act into law. This legislation makes a number of changes to PPP loan program rules and eases restrictions for borrowers. [read more]

» May 22, 2020 | The U.S. Small Business Administration posted a fifteenth Interim Final Rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities, providing guidance on SBA’s process for reviewing PPP loan applications and forgiveness applications. [read more] 

» May 22, 2020 | The U.S. Small Business Administration posted a fourteenth Interim Final Rule on Loan Forgiveness, providing guidance to borrowers on preparing and submitting loan forgiveness applications, as well as guidance to lenders on loan forgiveness decisions. [read more]   

» May 20, 2020 | The U.S. Small Business Administration posted a thirteenth Interim Final Rule on Second Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan and Lender Reporting, revising the IFR posted on May 8, 2020, by extending the safe harbor deadline for repaying loans from May 14 to May 18, 2020. [read more] 

» May 18, 2020 | The U.S. Small Business Administration posted a twelfth Interim Final Rule on Treatment of Entities with Foreign Affiliates, providing guidance on eligibility (headcount) requirements related to entities with foreign affiliates. [read more]  

» May 15, 2020 | The U.S. Small Business Administration in consultation with the Department of Treasury, released the PPP Loan Forgiveness Application that borrowers will need to complete and submit to their lender. [read more]

» May 14, 2020 | The U.S. Small Business Administration posted an eleventh Interim Final Rule on Eligibility of Certain Electric Cooperatives, providing guidance on eligibility requirements for certain electric cooperatives. [read more]

» May 13, 2020 | The U.S. Small Business Administration posted a tenth Interim Final Rule on Loan Increases, providing guidance to partnerships and seasonal employers on their ability to increase their PPP loans due to new SBA guidance that was not available at the time the loans were approved. [read more]

» May 13, 2020 | SBA added new FAQs (#46-47) to their list of Frequently Asked Questions regarding how the Administration intends to review a borrower’s certification concerning the necessity of their PPP loan request. [read more]

» May 8, 2020 | The U.S. Small Business Administration posted a ninth Interim Final Rule on Extension of Limited Safe harbor with Respect to Certification Concerning Need for PPP Loan Request, extending the deadline for certain borrowers to repay their loans from May 7 to May 14, 2020. [read more]

» May 5, 2020 | The U.S. Small Business Administration posted an eighth Interim Final on Nondiscrimination and Additional Eligibility Criterion providing guidance nondiscrimination obligations by nonprofit organizations whether student workers count as employees. [read more]

» April 30, 2020 | The Internal Revenue Service issued Notice 2020-32 which provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses, incurred in a taxpayer’s trade or business, when the taxpayer receives a loan pursuant to the Paycheck Protection Program. 

» April 30, 2020 | The U.S. Small Business Administration posted a seventh Interim Final Rule on Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders providing guidance to borrowers and lenders about new limits on the dollar amounts that any single corporate group may receive. [read more] 

» April 28, 2020 | The U.S. Small Business Administration posted a sixth Interim Final Rule on Disbursements providing guidance to lenders about the timing of closing and disbursing PPP loans to small businesses. [read more]

» April 27, 2020 | The U.S. Small Business Administration posted a fifth Interim Final Rule on Additional Criterion for Seasonal Employers providing guidance to lenders about using alternate criterion to calculate maximum loan amounts for PPP loans issued to seasonal employers. [read more]

» April 25, 2020 | The U.S. Small Business Administration posted a fourth Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliations and Eligibility supplementing previous regulations and guidance on several important issues, including the limited safe harbor for borrowers with respect to certification concerning their need for a PPP loan. [read more]

» April 24, 2020 | President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (H.R. 622), allocating $310 billion of new funding to the Paycheck Protection Program. [read more] 

For a detailed analysis of this legislation, read Senate Approves Additional Funding Bill for SBA Loan Programs on our website.

» April 23, 2020 | SBA added a new question/answer (#31) to their list of Frequently Asked Questions (FAQs) about whether large companies with adequate sources of liquidity qualify for Paycheck Protection Program loans. [read more]

» April 14, 2020 | The U.S. Small Business Administration posted a third Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans providing supplemental guidance for individuals with self-employment income, who file Form 1040, Schedule C. This rule also addresses eligibility issues for certain business concerns and requirements for certain pledges of PPP loans. [read more] 

» April 7, 2020 | The U.S. Small Business Administration posted updates to their Frequently Asked Questions (FAQs) for borrowers and lenders on the U.S. Treasury Department website about the Paycheck Protection Program. [read more]

» April 4, 2020 | The U.S. Small Business Administration posted a second Interim Final Rule on Applicable Affiliation Rules, as well as other Applicable Affiliation Rules for purposes of determining the number of employees for an applicant to the Paycheck Protection Program. The SBA also posted an updated Borrower Application Form and a new Lender Application Form on the U.S. Treasury Department website. [read more]

» April 2, 2020 | The U.S. Small Business Administration posted an Interim Final Rule providing guidelines and requirements for the Paycheck Protection Program, on the eve of the first day that lenders can start accepting loan applications from small businesses and sole proprietors. [read more]

» March 31, 2020 | The U.S. Treasury Department released information on the Paycheck Protection Program for borrowers and lenders, including the loan application. [read more]

Other Resources

The U.S. Small Business Administration has provided guidance on the steps a business should take to determine whether it is eligible for a Paycheck Protection Program loan, based on its size. We have complied this guidance in this document [Download]

Other PPP resources available on U.S. Treasury Department website –

» SBA Paycheck Protection Program Loan Level Data – click here to download PPP loan data by State.

» How to Calculate Loan Amounts (June 26, 2020)

» Frequently Asked Questions (FAQs) (as of October 7, 2020)

» Frequently Asked Questions (FAQs) on PPP Loan Forgiveness (as of August 11, 2020)

The U.S. Small Business Administration is offering small businesses and most private, not-for-profit organizations suffering substantial economic injury as a result of COVID-19 in designated states and territories, low-interest, federal disaster loans for working capital. [read more]

The CARES Act includes $10 billion in funding for a provision to provide an advance of up to $10,000 to small businesses and nonprofits that apply for EIDLs within three days of applying for the loan. [read more]

One-page guide to Economic Injury Disaster Loan terms and conditions, including a list of the documents a borrower may need for their loan application [Download]

Latest Developments

» July 11, 2020 | the U.S. Small Business Administration announced the conclusion of the Economic Injury Disaster Loan (EIDL) Advance program, which provided U.S. small businesses, non-profits and agricultural businesses a total of $20 billion in emergency funding. EIDL loan applications will still be processed even though the Advance is no longer available. [read more]

» June 22, 2020 | The U.S. Small Business Administration issued a Procedural Notice to provide guidance for when PPP loan proceeds must be used to refinance Economic Injury Disaster Loans (EIDL) and to inform PPP Lenders of the procedure for remitting to the SBA any PPP loan proceeds designated for the refinance of an EIDL.

» June 15, 2020 | SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses.

» April 27, 2020 | SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses.

» April 24, 2020 | President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (H.R. 622), allocating $50 billion of new funding for Economic Injury Disaster Loans and $10 billion for emergency grants of up to $10,000. [read more] 

For a detailed analysis of this legislation, read Senate Approves Additional Funding Bill for SBA Loan Programs on our website.

As part of the CARES Act, the U.S. Treasury Department and the Federal Reserve Board have established the Main Street Lending Program to facilitate lending to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the start of the COVID-19 pandemic. The Program offers three different loan facilities to for-profit businesses employing up to 15,000 workers or with 2019 annual revenues of less than $5 billion, and two different loan facilities to nonprofit organizations with a minimum of 10 employees, who meet certain financial requirements. [read more]

The CARES Act provides immediate relief to small businesses with SBA 7(a), 504, and microloans.  For existing borrowers, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months.  This relief will also be available to new borrowers who take out loans within six months of the enactment of the CARES Act. To learn more about 7(a), 504, or microloans, please visit the Small Business Administration website.

Click here for detailed information on our website about Federal business and individual tax relief measures provided to taxpayers as part of the CARES Act. –NEW-

» Summary of Business Tax provisions 

» Summary of Payroll Tax provisions

» Summary of Individual Tax provisions 

For information on applying for unemployment benefits in New York State visit the NYS Department of Labor website to learn more about how to file a claim or to login the State’s improved online filing system – only for new claims. New applicants will need to create an account on the NY.gov ID self registration website.

Other Resources

» Click here for information on our website about additional COVID-19 unemployment insurance assistance provided through the CARES Act.

» Click here for information about applying for unemployment insurance benefit programs administered by other states.  

For information on U.S. Small Business Administration (SBA) programs for the coronavirus, please visit www.sba.gov/coronavirus

For additional information about programs and initiatives that will be soon be available from the SBA, the U.S. Senate Committee on Small Business & Entrepreneurship has published The Small Business Owner’s Guide to the CARES Act

U.S. Chamber of Commerce Coronavirus Emergency Loans Small Business Guide and Checklist

Full Text of H.R. 748 (CARES Act)