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SBA Clarifies Deferral Period for PPP Loan Payments

October 7, 2020 The U.S. Small Business Administration recently released guidance clarifying that Paycheck Protection Program lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all PPP loans, even if the executed promissory note indicates only a six-month deferral.

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Governor Lee Announces $50 Million in Coronavirus Relief Funds

October 7, 2020 Tennessee Governor Bill Lee and the Financial Stimulus Accountability Group (FSAG) today announced an initial $50 million in federal Coronavirus Relief Funds for the new Supplemental Employer Recovery Grant (SERG) program to provide additional relief to small businesses suffering during the COVID-19 pandemic.

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SBA Issues PPP Change-in-Ownership Guidance

October 5, 2020 The U.S. Small Business Administration has issued a procedural notice providing new guidance regarding the procedures required for changes of ownership of an entity that has received Paycheck Protection Program funds.

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