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    PPP Eligibility Requirements Challenged in Bankruptcy Lawsuits
    2020-05-11

    Several lawsuits have emerged in the last week involving the Small Business Administration’s Paycheck Protection Program (PPP). “The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.”1 The listed criteria for eligibility is very broad. Companies that have 500 employees or less, pay salaries or payroll taxes and were in operation on Feb. 15, 2020, are eligible to apply.2

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Taft Stettinius & Hollister LLP, Paycheck Protection Program, Title 11 of the US Code, CARES Act 2020 (USA)
    Authors:
    Beth Copeland
    Location:
    USA
    Firm:
    Taft Stettinius & Hollister LLP
    Covid - 19 Legal Issue Compendium
    2020-05-11

    TABLE OF CONTENTS

    COVID-19: Summary of Key Issues.................................................................................... 1

    Filed under:
    Global, Banking, Capital Markets, Company & Commercial, Competition & Antitrust, Employment & Labor, Energy & Natural Resources, Healthcare & Life Sciences, Insolvency & Restructuring, Insurance, Internet & Social Media, IT & Data Protection, Litigation, Media & Entertainment, Real Estate, Morgan, Lewis & Bockius LLP, Medicare, Corporate governance, Medicaid, Employee Retirement Income Security Act 1974 (USA), Private equity, Cybercrime, H-1B visa, Fintech, Force majeure, Personal data, Cybersecurity, Coronavirus, Personal protective equipment, Paycheck Protection Program, Internal Revenue Service (USA), US Securities and Exchange Commission, European Commission, Federal Trade Commission (USA), HM Revenue and Customs (UK), UK House of Commons, Office of Foreign Assets Control (USA), USPTO, US Department of Labor, NASDAQ, GDPR, Tax Cuts and Jobs Act 2017 (USA), CARES Act 2020 (USA)
    Location:
    Global
    Firm:
    Morgan, Lewis & Bockius LLP
    New Mexico Court Holds that Bankrupt Entities are Eligible for the Paycheck Protection Program
    2020-05-07

    Joining three other bankruptcy courts, Judge Thuma of the District of New Mexico recently held that the rules issued by the Small Business Administration (“SBA“) that restrict bankrupt entities from participating in the Paycheck Protection Program (“PPP“) violated the Coronavirus Aid, Relief, and Economic Security Act, H.R. 748, P.L. 115-136 (the “CARES Act”), as well as section 525(a) of the Bankruptcy Code.

    Filed under:
    Mexico, USA, Arbitration & ADR, Banking, Insolvency & Restructuring, Litigation, FisherBroyles LLP, Coronavirus, Paycheck Protection Program, CARES Act 2020 (USA)
    Authors:
    H. Joseph Acosta
    Location:
    Mexico, USA
    Firm:
    FisherBroyles LLP
    Emergency Relief - Bankruptcy Courts Grant Debtors Relief in Fight Against SBA’s Refusal to Provide PPP Loans
    2020-05-07

    Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, qualifying businesses may seek up to $10 million under the Paycheck Protection Program (PPP) for funding payroll and business expenses. The US Small Business Administration (SBA) guarantees the loans, and the full principal amount of the loans and any accrued interest may qualify for loan forgiveness. For many businesses, PPP loans have served as a lifeline during the COVID-19 pandemic.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Coronavirus, Paycheck Protection Program, Small Business Administration (USA), Title 11 of the US Code, United States bankruptcy court
    Authors:
    Justin F. Paget , Jennifer E. Wuebker
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Bankruptcy Rulings May Help Debtors Qualify For PPP Loans
    2020-05-07

    One of the landmark protections enacted by the Coronavirus Aid, Relief and Economic Security, or CARES, Act on March 27 was the Paycheck Protection Program, or PPP. Under the program, small businesses (e.g., those with fewer than 500 employees) — and certain other businesses in specific industries — are eligible to receive loans that will be fully forgiven if utilized under the terms of the program, including applying at least 75% of the funds received from the loans to payment of payroll expenses.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Nelson Mullins Riley & Scarborough LLP, Coronavirus, Paycheck Protection Program
    Authors:
    John T. Baxter , Shane G. Ramsey
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    COVID-19: PPP Eligibility of Debtors in Bankruptcy
    2020-05-07

    The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) established the Paycheck Protection Program (PPP), a lending program for small businesses pursuant to which up to 100 percent of the principal loan amount is forgivable. While the PPP program has been a boon to business struggling in light of the ongoing pandemic, the SBA has sought to limit access by bankrupt borrowers, eliminating a significant number of otherwise eligible businesses and creating significant legal questions and issues.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, K&L Gates LLP, Coronavirus, Paycheck Protection Program, Title 11 of the US Code, CARES Act 2020 (USA)
    Authors:
    Margaret R. Westbrook , Emily Mather
    Location:
    USA
    Firm:
    K&L Gates LLP
    CARES Act and eligibility under the Paycheck Protection Program
    2020-05-06

    On March 27, 2020, Congress enacted, and President Trump signed into law, the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide financial relief to individuals and small business harmed by the coronavirus disease 2019 (COVID-19) pandemic. The CARES Act included an initial allocation of $349 billion to the Paycheck Protection Program (PPP), a convertible loan program under Section 7 of the Small Business Act (SBA).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, DLA Piper, Donald Trump, Coronavirus, Paycheck Protection Program, Title 11 of the US Code, CARES Act 2020 (USA)
    Location:
    USA
    Firm:
    DLA Piper
    Are Debtors Eligible to Receive PPP Loans? Bankrupt Companies and the SBA Wage War Over Critical CARES Act Program Eligibility
    2020-05-05

    The Paycheck Protection Program (PPP) is one of two business loan programs created under the Coronavirus Aid, Relief and Economic Security (CARES) Act to assist companies by extending potentially forgivable credit to small business employers. The PPP is designed to help cover employee-related expenses and help employers avoid layoffs. The prospect of forgivable debt, coupled with relatively favorable terms, have put PPP loans in high demand and many businesses, including some which had already sought chapter 11 bankruptcy protection, have sought PPP loans.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Dykema Gossett PLLC, Coronavirus, Paycheck Protection Program, Title 11 of the US Code, CARES Act 2020 (USA)
    Authors:
    Deborah D. Williamson , Jonathan E. Aberman , Mark Silverman
    Location:
    USA
    Firm:
    Dykema Gossett PLLC
    Debtors in Bankruptcy Seek Access to CARES Act Paycheck Protection Program Loans
    2020-05-06
    • The U.S.
    Filed under:
    USA, Insolvency & Restructuring, Litigation, Holland & Knight LLP, Due diligence, Coronavirus, Paycheck Protection Program, Families First Coronavirus Response Act 2020 (USA), CARES Act 2020 (USA)
    Authors:
    Barbra R. Parlin
    Location:
    USA
    Firm:
    Holland & Knight LLP
    You Down with PPP? Not (Necessarily) If You’re in Bankruptcy!
    2020-05-05

    One of the landmark protections enacted by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was the Paycheck Protection Program (“PPP”). Under the PPP, small businesses (businesses with fewer than 500 employees) are eligible to receive loans that will be fully forgiven if utilized under the terms of the Program, including applying at least 75% of the loans to payroll. The loans may also be used for payment of interest on mortgages, rent, and utilities. The PPP loans are capped at $10 million for each small business.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Coronavirus, Paycheck Protection Program, Title 11 of the US Code, CARES Act 2020 (USA)
    Authors:
    John T. Baxter
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP

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