Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

Event Apr 14, 2020

COVID-19 Insights Series: Paycheck Protection Program

  • Webcast

The CARES Act allocated $349 billion for the SBA to guarantee loans to small businesses under the Paycheck Protection Program (PPP). The PPP utilizes the existing framework of the SBA’s 7(a) loan program to make loans to businesses to incentive near-term employment. The U.S. Department of the Treasury and the U.S. Small Business Administration (SBA) have released limited guidance on the PPP in the form of summaries, interim final rules and frequently asked questions.

On this call, partners Russ Denton (Austin-Mergers & Acquisitions) and Gillian Emmett Moldowan (New York-Compensation, Governance & ERISA) discussed key elements of the recently enacted PPP, with particular emphasis on:

  • Eligibility Requirements
  • Allowable Use of Proceeds
  • Certification Requirements
  • Application Process
  • Loan Terms
  • Affiliation Rules
  • Forgiveness Programs

Partner Reena Agrawal Sahni (New York-Financial Institutions Advisory & Financial Regulatory) moderated the discussion.

Listen to "COVID-19 Insights Series: Paycheck Protection Program."