WSJ Cites Chambliss Update on Revised Treasury Guidance for PPP Loans
The Wall Street Journal (WSJ) cited Chambliss’ most recent update on Paycheck Protection Program (PPP) loan forgiveness in its article “Questions Persist After Release of New Small-Business Loan Rules” published on May 23, 2020. Earlier that day, our firm sent out a client alert, Long-Awaited PPP Loan Forgiveness Guidance Finally Released, summarizing key information from critical updates that the Treasury Department and the Small Business Administration (SBA) released late Friday, May 22.
The latest guidance came in the form of two final interim rules. The first rule provides information for borrowers, many of which are nearing their eight-week covered period and eager to maximize their loan forgiveness. The second rule offers key guidance on the loan forgiveness application and review procedures for borrowers, lenders, and SBA.
The impact of these new rules is of critical importance to borrowers who received these small business loans through the PPP. We will be reviewing and providing a more thorough analysis of key issues in the days to come.
Our Chambliss team continues to monitor legal developments in connection with the COVID-19 pandemic. Please contact Jim Catanzaro, Mark Cunningham, Justin Furrow, or your relationship attorney if you have questions or need additional information. Jim, Mark, and Justin lead our COVID-19 task force and have been instrumental to keeping Chambliss clients informed and equipped with practical action items for navigating COVID-19 legal and business matters. They advise on financial relief such as the PPP loans through SBA and the Main Street Lending Program. They also provide counsel on employment and contract considerations, reopening plans, critical regulatory and financial relief updates for health care providers, and other topics of interest to our clients and the community at large.