Greenspoon Marder Client Alert: June 30 Deadline For New PPP Loan Applications; No New EIDL Loans
Jun 15, 2020
On Thursday, June 12th, Treasury posted the draft IFR implementing the recent legislative
changes to the PPP loan program #PPPloan under the CARES Act #CARESAct. The changes to do not extend the June 30th deadline for applications for PPP loans and there are funds still available. On June 6th, SBA reported that $130 billion remained for disbursements by banks. Not all banks are still offering PPP loans but many are still processing applications.
New borrowers are eligible for the new provisions set out in the Flexibility Act, which include a 5 year term; 24 weeks spending coverage for loan forgiveness; non payroll allowed up to 40% for forgiveness.
SBA is still not taking new applications for EIDL loans. When EIDL loans again become available, PPP borrowers are eligible to apply. The June 12th IFR clarified that if an EIDL loan is used for payroll costs, the PPP loan must be used to refinance the EIDL loan.
About Greenspoon Marder
Greenspoon Marder is a national full-service business law firm with over 200 attorneys and offices across the United States. We are ranked among
American Lawyer’s Am Law 200, as one of the top law firms in the U.S. since 2015. Our firm was founded with the goal of providing the highest quality legal services at the highest value for our clients. Each of our clients is unique and so are their legal needs. We believe no one size fits all for professional services. Our lawyers offer flexible and creative solutions to meet our clients’ respective needs. Our mission is to understand the challenges our clients face, build collaborative relationships and craft solutions with a focus on strategic goals.
Natalie Villanueva, Director of Marketing
954.333.4308 | firstname.lastname@example.org
This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.