Resources

Client Alerts, News Articles, Blog Posts, & Multimedia

Everything you need to know about BMD and the industry.

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
Client Alert

Ohio Board of Pharmacy Update: Key Regulatory Changes and Proposals You Need to Know

June 26, 2024The Ohio Board of Pharmacy (BOP) has rescinded certain OAC rules (OAC 4729:5-18-01 through 4729:5-18-06), removing regulations on office-based opioid treatment (OBOT) clinics. The rescissions took effect on June 3, 2024. The BOP also published a new rule, OAC 4729:8-5-01, which sets explicit reporting guidelines for licensed dispensaries and became effective on June 7, 2024.Client Alert

LGBTQIA+ Patients and Discrimination in Healthcare

June 6, 2024In early April, the Kaiser Family Foundation released a study outlining the challenges that LGBT adults face in the United States related to healthcare. According to the study, LGBT patients are “twice as likely as non-LGBT adults to report negative experiences while receiving health care in the last three years, including being treated unfairly or with disrespect (33% v. 15%) or having at least one of several other negative experiences with a provider (61% v. 31%), including a provider assuming something about them without asking, suggesting they were personally to blame for a health problem, ignoring a direct request or question, or refusing to prescribe needed pain medication.”Client Alert

Ohio Recovery Housing Overhaul: New Standards and Certification Requirements Reshape Sober Living Spaces

May 30, 2024Client Alert

Ensuring Fair Access: SB 269 Protects Affordable Medication for Low-Income Patients

May 29, 2024SB 269, introduced on December 19, 2023, will ensure that 340B covered entities, including Federally Qualified Health Centers, Ryan White Clinics, disproportionate share hospitals, and Title X clinics, can acquire 340B drugs without facing undue restrictions or discriminatory practices from drug manufacturers and distributors. This protection is crucial for 340B covered entities to continue to provide affordable medications and comprehensive services to low-income patients.Client Alert

Unveiling Ohio's Pharmacy Board Updates for Distributors, Mobile Clinics, and Controlled Substances

May 24, 2024The Ohio Board of Pharmacy will hold a public hearing on May 28, 2024, to discuss several proposed changes and additions to Ohio Administrative Code (OAC). These changes pertain to terminal distributors of dangerous drugs (TDDDs), mobile clinics or medication units, and the classification of controlled substances.
Older posts
Newer posts