Daily Three: June 17

1. Late Tuesday night and Wednesday morning, the SBA released the much-anticipated revised PPP forgiveness application and additional guidance on the rules around forgiveness. Certain applicants are eligible to use a shortened “EZ” forgiveness application to make the process a bit less complicated. Find out more about when to apply and which application to use. Authored by Aria D. Eckersley

2. Yesterday we discussed that, in response to the COVID-19 pandemic, small business owners can apply for an Economic Injury Disaster Loan (“EIDL”) advance designed to provide economic relief to businesses experiencing a temporary loss of revenue. Today we address what expenses cannot be paid from EIDL funds and the interplay between EIDL and PPP.  Read our response to client questions regarding EIDL loans. Authored by Aria Eckersley

   • Q: "Are there certain expenses with respect to which EIDL funds cannot be used?"

   • Q: "It was initially suggested that EIDL recipients would receive an advance in the amount of $1k per employee (to be forgivable), and then the second round of funds, if available, would be distributed (as a loan). I received a lump sum instead of an advance, followed by a loan. Is there any guidance/clarifications to confirm what is considered the advance, and therefore forgivable, and what is considered the loan?"

   • Q: "What is the most recent guidance for those who received both a PPP and an EIDL, and what should be considered to maximize forgivability?"

3. Stay-at-home orders have allowed us to spend more time with our children. However, the uncertainty the pandemic has created has also caused parents to revisit and examine their estate planning. One key aspect of the estate plan in particular that keeps parents up at night is the choice of who should be guardians of their minor children in the highly unlikely event that both parents pass. Consider these factors when choosing guardians for minor children. Authored by Steven L. Kriz

For more resources and LP's response to COVID-19, visit this webpage.