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Our business blog focuses on issues affecting Virginia, D.C. and Maryland business owners as well as those in other jurisdictions throughout the country. We provide timely insight and commentary on federal and state rules and how they affect you. If you are interested in having us cover a specific topic, please let us know.

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  • Posts by Blake Frieman
    Associate

    Blake Frieman is an associate attorney at Bean, Kinney & Korman who specializes in commercial lending. He routinely represents lenders in the documentation, negotiation, and closing of commercial loan transactions, including ...

4 Tips for Pursuing Principal Forgiveness of a PPP Loan

The Paycheck Protection Program (“PPP”) has been a highly popular relief program for small businesses passed in response to the COVID-19 pandemic. The PPP allows small businesses to obtain government-backed loans from private lenders which, if spent properly on payroll, rent, utilities and/or mortgage interest, can be all or partially forgiven. Over the last month, small businesses have been hastily flocking to lenders to obtain loans from the limited pool of funding, and lenders have been diligently working to properly review, document, and fund the loan requests. Up to this point, there has been little instruction from the SBA regarding the mechanics of the loan forgiveness feature that is soon to become a critical phase at the “back end” of the program.

COVID-19 Economic Relief Investigations: They Will Expose Some Businesses to Civil Liability

The initial rounds of COVID-19 economic relief have largely been depleted. More rounds of relief are expected soon. Further out, there will be investigations and follow-on civil (and criminal) proceedings surrounding this largest-ever economic stimulus package in U.S. history, with almost $350 billion going to small businesses.

Paycheck Protection Loans under the CARES Act: What Do Lenders Need to Know?

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) became law in the United States. Among other things, the CARES Act provides relief to certain businesses in the form of “paycheck protection loans” through what the Act calls the Paycheck Protection Program (the “Program”). These loans are to be administered under Section 7(a) of the Small Business Act through the network of Small Business Administration (“SBA”) qualified lending institutions.