Articles by Adam J. Falcone

In an interim final rule (“IFR”) issued on May 22, 2020,[1] the Small Business Administration (“SBA”) clarified the method by which Paycheck Protection Program (“PPP”) Loan Program funds must be expended and documented to support loan forgiveness. This “Loan Forgiveness IFR” is effective immediately but is subject to future modification…

Today, the Small Business Administration (SBA) issued new guidance relaxing anticipated scrutiny that borrowers were expecting under the Paycheck Protection Program.  In connection with a Paycheck Protection Program loan, a borrower must certify that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”…