SBA Procedural Notice 5000-20057
SBA Procedural Notice 5000-20057 on Paycheck Protection Program Loans and Changes of Ownership was recently released by SBA, click here to read. The following are important issues to consider with proposed changes of ownership: Stock Transfer vs. Asset Sale Partial Change of Ownership vs. Full Change of Ownership Review of Purchase Agreement SBA Approval vs. Escrow Accounts Status of PPP Loan Forgiveness Application Use of SBA Loans to Fund Change of Ownership We expect that there will continue to be further guidance and clarification which we will continue to provide as they become available.
Read moreNew PPP FAQ Update for October 8, 2020
New Paycheck Protection Program FAQ released, click here to read. Important Considerations: Notify borrowers of the change to the deferment period; Avoid specific repayment dates in the notice; Adjust internal systems to avoid sending out inaccurate monthly installment invoices; and Once the loan forgiveness process is complete, lenders may then choose to have borrowers complete a formal note modification agreement for any unforgiven PPP loan balance. We expect that there will continue to be further guidance and clarification which we will continue to provide as they become available.
Read moreNew SBA SOP 50 10 6 Released: Effective October 1, 2020
The U.S. Small Business Administration (SBA) has released the much anticipated update to the Lender and Development Company Loan Programs. The SOP 50 10 6 will become effective October 1, 2020, and will apply to all applications received by SBA on or after that date. Click here to access the new SOP on the SBA website. Participants must continue to use SOP 50 10 5(K) for SBA 7(a) and 504 applications submitted through September 30, 2020. If you have questions about the SOP 50 10 6 notice, please do not hesitate to contact Your SBA Legal Department at Jellum Law
Read moreNew PPP Interim Final Rule Update for August 25, 2020
Update available on the Treasury website: Interim Final Rule on Treatment of Owners and Forgiveness of Certain Nonpayroll Costs, click here to read. We expect that there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available.
Read moreUpdated PPP FAQs and New Interim Final Rule Update for August 11, 2020
Updates available on the Treasury website: FAQ on Paycheck Protection Loans, click here to read FAQ on Paycheck Protection Program Loan Forgiveness, click here to read Interim Final Rule on Appeals of SBA Loan Review Decisions Under the Paycheck Protection Program, click here to read. We expect that there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available.
Read moreJellum Law Attorneys Name 2020 Minnesota Super Lawyers Rising Stars
Jellum Law is proud to announce that Partners, Lindsay Cremona and James Keig, have been named 2020 Minnesota Super Lawyers Rising Stars. This is the second consecutive year that Lindsay and James have received recognition for their work, both previously selected for the 2019 Minnesota Rising Stars list. Rising Stars recognizes the top up-and-coming attorneys – no more than 2.5% are selected in each state. Each year, Super Lawyers, a Thomson Reuters business, selects outstanding attorneys from more than 70 practice areas who have attained a high-degree of peer recognition and professional achievement through rigorous evaluations using statewide surveys, independent research, professional achievements, and peer reviews. Congratulations, Lindsay and James!
Read moreNew IFR and Forgiveness Applications Available Update for June 17, 2020
Updates available on the Treasury website for: Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules, click here to read Loan Forgiveness Application, click here to access Application instructions, click here to access Loan Forgiveness Application Form EZ, click here to access Application instructions for Form EZ, click here to access We expect that there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available.
Read moreNew PPP IFR and Revised Forms Updates for June 11, 2020
Updates available on the Treasury website for: Interim Final Rule on Revisions to First Interim Final Rule, click here to read Revised PPP Lender Application Form, click here to access Revised PPP Borrower Application Form, click here to access We expect that there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available.
Read moreNew PPP Interim Final Rule Update for June 8, 2020
New Paycheck Protection Program guidance released: Interim Final Rule on Eligibility of Certain Telephone Cooperatives, click here to read on the Treasury website We expect that there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available.
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