News & Insights

Department of Treasury Releases Updated Paycheck Protection Program Fact Sheet and Loan Application; SBA Publishes Interim Final Rule on Paycheck Protection Program

Yesterday, the U.S. Department of the Treasury released an updated application for small business loans under the new $349 billion Paycheck Protection Program (“PPP”), as well as an updated fact sheet reflecting an increase in the interest rate of the loans from 0.5% to 1.0%.

The Coronavirus Aid, Relief and Economic Security Act (the CARES Act) was signed into law on March 27, 2020. Included in this economic stabilization package are several business tax related provisions, including:

• A payroll tax credit for employers affected by the coronavirus (COVID-19) pandemic;
• A payroll tax deferral for all employers for the rest of 2020;
• An expansion of the use of net operating losses;
• An acceleration of refunds for unused corporate alternative minimum tax (AMT) credits;
• A temporary increase on business interest deductions; and
• Bonus deprecation status for qualified improvement property.

Today, the U.S. Department of the Treasury released additional information regarding small business loans under the new $349 billion Paycheck Protection Program (“PPP”). The PPP was created by the Coronavirus Aid, Relief and Economic Security (“CARES”) Act enacted on March 27 and is being administered by the U.S. Small Business Administration (“SBA”). This alert includes a program overview, Treasury fact sheet, and application form for PPP loans.

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Gunderson Dettmer is the winner of the “Team Collaboration Platform of the Year” award for its GDHQ in the 5th annual LegalTech Breakthrough Awards program conducted by LegalTech Breakthrough

With 317 financings and more than $19 billion in invested capital for the most promising startup companies worldwide, Gunderson Dettmer was once again recognized as the most active law firm globally by the PitchBook Global League Tables.