This webinar took place on April 7, 2020.
To download the slides from this presentation, please click here. A replay of the webinar is below.
Description: Free money always gets people’s attention and the Paycheck Protection Loan Program under the CARES Act is no exception.
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). As part of the CARES Act, the Paycheck Protection Loan Program (“PPP”) is a new $349 billion forgivable business loan program under the Small Business Administration’s (“SBA”) existing Section 7(a) loan framework.
On March 31, the Treasury Department issued guidance on the PPP and a form of Borrower’s loan application. On April 2, the SBA issued an Interim Final Rule on the PPP and a revised form of Borrower’s loan application and, on April 3, the SBA issued another Interim Final Rule. The SBA is expected to issue additional guidance on the PPP. Loans under the PPP were supposed to start flowing on April 3, but many lenders were still trying to figure out the rules and procedures.
Despite the lack of clear guidance from the government, interest in the PPP is extraordinarily high. Many banks were overwhelmed with inquiries even before the application process opened up.
This webinar provided an overview of the PPP, the nuts and bolts on the rules and on the application process, and practical advice for potential borrowers. Topics included:
- Who is eligible for loans under the PPP? Who is not?
- What are the terms of a PPP loan?
- How can PPP funds be used?
- How are PPP loans forgiven?
- How do I apply?
- Where do I apply?
- What information do I need to provide to a lender?
- Keith Mendelson (Moderator), Partner, Womble Bond Dickinson (US) LLP
- Stephanie Few, Partner, Womble Bond Dickinson (US) LLP
- Sarah Wilk, Associate, Womble Bond Dickinson (US) LLP
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