In the weeks since the CARES Act established the Paycheck Protection Program (PPP), the Small Business Administration (SBA) and Treasury have rushed to issue guidance, in often piecemeal fashion, to set the ground rules for applying for a PPP loan and determining eligibility as well as the parameters for loan forgiveness. On May 6, 2020, Amy O’Sullivan and Olivia Lynch of Crowell & Moring LLP will discuss recent key developments and updates to this program. Join us as we cover eligibility requirements, focusing on those presenting the most challenging scenarios, as well as discussion of appropriate use of PPP loan funds and compliance requirements. We will reflect on lessons learned from the first PPP application cycle and how fallout from that has impacted media coverage and has resulted in further guidance, rules, and feedback from Treasury and the SBA. In particular, we will address factors that all companies should consider in light of Treasury’s new guidance on the certification made by all PPP loan recipients, that the loan request is “necessary to support the ongoing operations of the Applicant,” and the impending May 7, 2020 end to the “safe harbor” period. This webinar will contain practical advice on best practices regarding assessing and documenting eligibility determinations and managing use of PPP loan funds.


Part Two: Paycheck Protection Program: Preparing Your Business Today for Audits, Oversight, and Agency Enforcement and Whistle Blower Actions Tomorrow
Thursday, May 7, 2020

To combat the COVID-19 pandemic, Congress has passed the CARES Act Paycheck Protection Program and has appropriated $659 billion for forgivable loans to small businesses. Though these funds provide necessary assistance to small businesses throughout the nation, they also are subject to complex eligibility requirements and numerous certifications requirements. They will be the target of audits and oversight. And they come with substantial False Claims Act (FCA) enforcement risk. In the wake of multiple news reports identifying publicly traded companies that have received PPP loans, the Treasury and the SBA have issued guidance on the required certification that the current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant” and have specified that companies that do not meet this requirement have a “safe harbor” period through May 7, 2020 to return funds. Join us for a webinar in which David Robbins and Mana Lombardo of Crowell & Moring LLP will discuss the scope and implications of this late-breaking guidance, the audit and enforcement organizations that will monitor how PPP loan funds are spent, and what companies can do now to prepare for and mitigate the downstream risks of impending audits and enforcement actions over PPP loans.