The Paycheck Protection Program (PPP) is part of the Coronavirus Aid, Relief and Economic Security Act or CARES Act, which provides $2 trillion of aid and stimulus for both individuals and businesses. The PPP authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
On April 24, 2020, an additional package of $310 billion in funding was authorized for the Small Business Administration (SBA) PPP. This package aims to replenish the available funds to get PPP Loans to our nation’s small businesses.
On June 5, 2020, the PPP Flex Act was signed into law. This law provided additional flexibility to applicants and institutions. The changes include an extension of the applicable coverage period for expenses from eight weeks to 24 weeks (or December 31, 2020, whichever is sooner) after the application is approved. The term of any loan approved after June 5th has also been extended to a minimum maturity of five years.
Latest Updates on the Paycheck Protection Program
SBA Guidance on PPP Loan Forgiveness - August 13, 2020
On August 11, the Small Business Administration (SBA), in consultation with the Department of the Treasury, provided guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans. The complete SBA FAQ document can be found here.
CISA Tracking Fraudulent Emails Posing as SBA - August 12, 2020
The Cybersecurity and Infrastructure Security Agency (CISA) is currently tracking an unknown malicious cyber actor who is spoofing the Small Business Administration (SBA) COVID-19 loan relief webpage via phishing emails. These emails include a malicious link to the spoofed SBA website that the cyber actor is using for malicious re-directs and credential stealing.
For more details please see the full alert here.
The Alert includes a screenshot of the malicious webpage and the Indicators of Compromise as well as mitigation steps.
IMPORTANT NOTICE: The following FAQs are based on the provisions of the CARES Act as implemented and interpreted by the U.S. Small Business Administration (“SBA”) and the U.S. Treasury Department (“U.S. Treasury”) through interim and final regulations, FAQs, and regulatory guidance and interpretations. The SBA and U.S. Treasury continue to issue new regulations, FAQs and guidance that in some cases changes or conflicts with prior guidance. The eligibility of a PPP loan for forgiveness and the amount and timing of any forgiveness will be subject to and dependent on approval pursuant to the regulations, FAQs and guidance in effect at the time a request for forgiveness is processed and as a result, we cannot provide you any assurances regarding forgiveness of your loan until such approval is received and any review or audit by the SBA completed. The information provided herein is not intended to constitute legal advice.
To view the full FAQ sheet provided by the SBA, in consultation with the Department of the Treasury, click here.
More information can be found on the U.S. Chamber of Commerce Coronavirus Resources site with a Small Business Guide and Checklist.
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