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SBA Releases New Frequently Asked Question (No. 49) - Maturity Dates for PPP Loans

Client Alert
June 29, 2020

On June 25, 2020 the SBA released a new Frequently Asked Question (No. 49) concerning the maturity dates for PPP Loans as modified by the recently passed Paycheck Protection Program Flexibility Act. All PPP Loans received on or after June 5, 2020, will have a five-year maturity. Any PPP Loan received before June 5, 2020, has a two-year maturity, unless the borrower and lender mutually agree to extend the term of the loan to five years. Businesses should address the maturity issue with their SBA lender and discuss any available change to the loan maturity date.

For additional clarity concerning the issue of when PPP Loan proceeds must be used to refinance Economic Injury Disaster Loans (EIDL), the SBA issued a new Procedural Notice on June 22, 2020. Consistent with the CARES Act, the Procedural Notice provides:

  • A Business that received an EIDL Loan from January 31, 2020 through April 3, 2020 and used the EIDL Loan funds to pay “payroll costs” must refinance the EIDL Loan with any PPP Loan proceeds received.
  • A Business that received an EIDL Loan from January 31, 2020 through April 3, 2020 but used the EIDL Loan funds to pay expenses other than “payroll costs” is not required to refinance the EIDL Loan with PPP Loan proceeds received.
  • A Business that received an EIDL Loan either before January 31, 2020 or after April 3, 2020 may not use PPP Loan proceeds to refinance the EIDL Loan.
Blake R. GerneySBABMD SBA Loan TeamSBA LoansPPPPPP Loanpaycheck protectionPaycheck Protection Program Flexibility Act of 2020BorrowerslenderloansEIDLEconomic Injury Disaster LoanCARES Actsmart businesspayroll
Multimedia, Client Alert

Nationwide Ban on Non-Compete Agreements: Requirements and Texas Court Decision Explained

September 4, 2024Watch this Employment Law After Hours video to find out about the Federal Trade Commission’s (FTC) groundbreaking Final Rule that bans non-compete agreements nationwide. This video also explores the recent decision by the Northern District of Texas to enjoin and delay the implementation and enforcement of the Final Rule banning non-compete agreements nationwide.Client Alert

Parental Approval Mandate for Diagnosing Gender-Related Conditions in Minors under Ohio House Bill 68

September 4, 2024Ohio House Bill 68, effective August 6, 2024, introduces strict guidelines for mental health professionals diagnosing and treating minors with gender-related conditions. The law mandates parental or guardian consent before any diagnosis or treatment can proceed. Additionally, professionals must first screen for other comorbidities and assess for any history of abuse. Failure to adhere to these requirements can result in disciplinary action for unprofessional conduct.Client Alert, Multimedia

Navigate the Latest Employment Law Changes with Confidence

August 13, 2024BMD Partner and Co-Chair of the Employment & Labor Law Group, Bryan Meek, presented this webinar on trending HR topics. Topics include the new Fair Labor Standards Act changes for exempt employees and Federal Trade Commission's nationwide ban on non-competes. Discover how these groundbreaking changes will impact organizations nationwide and what they need to do to ensure compliance.Client Alert

Planning for Wealth: Lessons from Athletes, Entertainers, and Executives

August 1, 2024The financial challenges and strategies used by high-income earners like Donovan Mitchell, Taylor Swift, and Jamie Dimon are not just for the wealthy—they can apply to anyone managing significant assets. This article delves into essential wealth management techniques, from leveraging tax exemptions to navigating major liquidity events, providing valuable insights to help you achieve financial stability and preserve your wealth.Client Alert

The Ohio Department of Medicaid Amends Fraud, Waste, and Abuse Rules

July 29, 2024Ohio Department of Medicaid has updated definitions of fraud, waste, and abuse as well as given specificity and clarity to the list of examples.
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