So what will the critics (myself included) have to say about the sequel to the not so little darling of the United States’ pandemic economy, the Paycheck Protection Program? Really, it is too early to tell, but let’s take a look.
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Billions from the federal governmen in new funding is available for businesses and other organizations through new COVID-19 relief legislation signed into law over the weekend by President Trump. But there are many changes from the CARES Act package passed earlier in the year, epecially in the Payroll Protection Plan. Here’s an overview with links to two in-depth assessments of the new plan.
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Thomas Zamadics, Jr., an attorney at North Carolina-based law firm Ward and Smith, offers his analysis of the new Payroll Protection Plan as reflected in the Consolidated Appropriations Act, 2021, signed by President Trump on Dec. 27. At the time of this writing, there are discussions in Congress to make changes to some portions of the Act. However, there is no indication that those discussions involve making further changes to the PPP provisions found in the Act. If Congress makes any further changes, we will update this article accordingly.
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While much about COVID-19 and its long-term impact on businesses and the economy is unknown, its effect of a worldwide increase in a reliance on digital means to engage in business transactions is undeniable and unlikely to decrease as we move forward.
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On June 3, the United States Senate approved the “Paycheck Protection Program Flexibility Act of 2020” (H.R. 7010). The new law was signed by the President and became effective on June 5. This law amends the CARES Act and makes significant changes to previous law and SBA rules relating to the Paycheck Protection Program.
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Significant comments from the Treasury Department, the SBA and the media have centered on this “necessity certification” for PPP loans. Statements by Treasury Secretary Steven Mnuchin and the issuance of additional SBA guidance are causing a great deal of uncertainty with many borrowers. Here’s an update.
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Now is the time to plan for the first phase of reopening your business. The evolving nature of responding to the virus as we learn more means that your plan should be fluid and flexible. As our daily understanding of the circumstances evolves, so should your plan.
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The take no prisoners approach by the SEC is a warning to businesses to abandon ICOs, or initial coin offerings. So what’s the alternative? Here’s one: Check out tokenized.
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