Howard B. Epstein and Theodore A. Keyes PPP Loan Insurance: An Introduction and Overview
In their column on Corporate Insurance Law, Howard B. Epstein and Theodore A. Keyes are joined by Peter de Boisblanc to discuss insuring PPP funds, because businesses that received PPP funds face the risk of an SBA challenge to their eligibility to retain the funds without a repayment obligation.
September 18, 2020 at 01:31 PM
10 minute read
Millions of small businesses sought and received funds pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") under the Paycheck Protection Program (PPP) administered by Small Business Administration (SBA) approved lenders at the outset of the COVID-19 pandemic. The SBA provided these funds in the form of loans, but also provided a roadmap for eligible applicants to obtain loan forgiveness—including guidelines pursuant to which all or portions of the loans can be transformed into grants. In order to qualify for the program, applicant businesses were required to make a number of certifications regarding compliance with a relatively complex set of eligibility criteria, including certifications as to the necessity of receiving PPP funds and the size of their business. Now, as the dust begins to settle, businesses that received PPP funds face the risk of an SBA challenge to their eligibility to retain the PPP funds without a repayment obligation.
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