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Eric Z. Stevenson is a member of Stark & Stark’s Business & Corporate Practice Group. Mr. Stevenson concentrates his practice in the representation of start-up companies, investment companies, and non-profit organizations on a variety of issues, including corporate formation, financing, franchising, licensing, acquisitions, executive compensation, equity compensation plans, employment agreements, real estate, governance, and intellectual property law.

Late Tuesday June 30, 2020, just a few hours before the expiration of Paycheck Protection Program (PPP), the Senate voted to extend the PPP five more weeks. The move was made to allow eligible small businesses that have not applied or been denied a loan under the PPP more time to claim the remaining $129 million in the program.

Continue Reading Paycheck Protection Program Extension

The Small Business Administration (SBA) released updates to the Paycheck Protection Program loan forgiveness application. A majority of the updates reflect the changes from the Paycheck Protection Program Flexibility Act (Flexibility Act). You can find our alerts regarding the Flexibility Act here and the SBA’s Updated Interim Final Rule here.

Continue Reading Update to PPP Loan Forgiveness Application

On June 11, 2020, the Small Business Administration (“SBA”) issued an additional Interim Final Rule to amend the First Interim Final Rule that was issued April 2, 2020. The June 11th Interim Final Rule was released to reflect the modifications to the Paycheck Protection Program (PPP) by the Paycheck Protection Program Flexibility Act (“Flexibility Act”) that we summarized here. Most of the June 11th Interim Final Rule is a reiteration of the Flexibility Act, however the Interim Rule provides a clarification concerning payroll costs and loan forgiveness.

Continue Reading Paycheck Protection Program Update

As previously posted in our May 16th alert, the New Jersey Economic Development Authority (“NJEDA”) announced an additional $50 million from the federal government to replenish the New Jersey Small Business Assistance Grant program that was established to help those small businesses impacted by COVID-19.

On May 22, the NJEDA board voted to expand the program to provide grants up to $10,000 to qualified businesses and expand eligibility requirements. Additionally, the NJEDA voted to reserve $15 million for businesses in Opportunity Zones.


Continue Reading Second Update: New Jersey Small Business Assistance Grant

The Small Business Administration (SBA) recently published the borrower application to request loan forgiveness for a Paycheck Protection Program loan (PPP Loan). The form and instructions inform Borrowers how to apply for forgiveness of their PPP Loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Borrowers can apply for forgiveness at the conclusion of the eight-week covered period, which begins with the disbursement of their loans. Borrowers can find the PPP loan forgiveness application here and submit it to their Lender.


Continue Reading PPP Loan Forgiveness Application Released

The New Jersey Economic Development Authority (“NJEDA”) launched the New Jersey Small Business Assistance Grant program wherein the NJEDA allocated $5 million to the program to provide grants up to $5,000 to small businesses in retail, arts, entertainment, recreation, accommodation, food service, and other services — such as repair, maintenance, personal, and laundry services — and nonprofits to stabilize their operations and reduce the need for layoffs or furloughs during the COVID-19 pandemic. You can see our original post regarding the program here.

Continue Reading Update: New Jersey Small Business Assistance Grant

On April 23, 2020, the Small Business Administration (“SBA”) posted FAQ #31 concerning the Paycheck Protection Program (“PPP”), stating in relevant part that borrowers should review their application to assess their economic need for a PPP loan. Specifically, borrowers should determine if in good faith they can make the certification that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”

Continue Reading New Guidance Posted Regarding PPP Loan Certification

UPDATED on 4/24/2020

On April 23, 2020 Congress passed the Paycheck Protection Program and Healthcare Enhancement Act to provide an additional $310 billion for the Small Business Administration (SBA) Paycheck Protection Program (PPP).


Continue Reading Paycheck Protection Program Update: More Relief Money on the Way for Small Businesses

The New Jersey Economic Development Authority (NJEDA) has approved a series of aid packages for small/mid-size businesses in the amount of $75 million. The NJEDA programs focus on businesses that have been hit the hardest by COVID-19.

One of the NJEDA programs, the Small Business Emergency Assistance Loan Program is a $10 million program that will provide up to $100,000 towards working capital loans to businesses and eligible non-profits with less than $5 million in revenues.

The Small Business Emergency Assistance Loan applications will open April 13, 2020 at 9:00 a.m.


Continue Reading Small Business Emergency Assistance Loan Program