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Dan Kane Profile picture
@danieltkane
May 26, 2020 • 3 tweets • 3 min read • Read on X
#SBA issues new regulations, FAQs, and other guidance on #PPP each week, leaving many #smallbiz with their heads spinning. Until 6/1, I'm taking questions via Twitter on #forgiveness, #audits, and other #PPP issues to help make sense of it. Comment or DM with your questions . . .
Check in each day for more #PPPAnswers. I can't guarantee that I'll get to everyone's #PPP questions, but we'll tackle as many as we can!

#Remember, don't submit confidential information. These Q/As don't constitute legal advice or create an attorney-client relationship . . .
Issues with #PPP applications, #forgiveness, and #audits can be complex and fact-specific. Before you decide to act on any information provided in these Q/As or on twitter, please seek professional advice.

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More from @danieltkane

Dan Kane Profile picture
Sep 29, 2020
#HeroesAct2 — LiveTweeting Legislation

Like many #smallbiz attorneys and advocates, I’m spending most of tonight and tomorrow reading over the Democrats newly-released #COVID19 #stimulus package. As I review, I’ll share some insights and discoveries. Stay tuned!
Congress proposes three #setasides for #PPP funding:

(1) at least 10% for #smallbiz with fewer than 10 employees OR for certain loans made to biz in low- and mod-income areas

(2) < 30% for nonprofits, housing coops, and hotels/restaurants

(3) < 50% for supplemental PPP loans.
Also similarly reserves the lesser of 25% or $15B of the unused #PPP loans appropriations for loans by Community Financial Institutions.
Read 24 tweets
Dan Kane Profile picture
Sep 24, 2020
Twice this week, Sec. Mnuchin and @federalreserve Chair Powell have expressed the need for additional aid for #smallbiz, including a second disbrusement of #PPP loans — even suggesting targeted aid for restaurants, hotels, and other specific industries . . .
The next #COVID19 stimulus will likely have additional aid for #smallbiz, but with additional segmentation and requirements.
- Biz with less than 20 ppl
- Restaurants & Hotels (i.e. Sector72)
- #MinorityOwned & Rural Biz
Each will likely have a specific carve out in the bill . .
Specific to @federalreserve’s #MainStreetLending programs, we may see modifications on eligibility, personal guarantees, and lender requirements to help unclog this funding channel for #smallbiz and “larger” #SMBs . . .
Read 5 tweets
Dan Kane Profile picture
Jul 13, 2020
Like every business, Washington’s #NFL team had to consider existing #trademarks when #rebranding. According to this story, the new name is being held up by a trademark dispute (meaning someone likely holds the trademark in their industry already). . . apple.news/AGRfYxT-LTSK8J…
The Washington #RedTails very well might the new name #Snyder and his #NFL are seeking, as someone in Virginia already holds a very similar #trademark

tmsearch.uspto.gov/bin/gate.exe?f…
And in the industry of #football no less!
Read 9 tweets
Dan Kane Profile picture
Jul 6, 2020
Universities and colleges across the US should implement procedures immediately to allow international students to attend classes in person. Permit international students to attend class in person on campus on a limited basis to avoid #ICE’s “fully remote” deportation rule.
Professors may still teach remotely, and US students may still attend remotely, avoiding large student gatherings in response to #COVID. International student likely don’t need to attend every class in person, meaning in-person gatherings would still be less frequent.
Concurrently, a challenge to ICE’s rule under the #APA and related statute must be undertaken by interested parties to abolish this rule and protect these student populations.
Read 4 tweets
Dan Kane Profile picture
May 16, 2020
#SBA has issued the new #PPP loan #forgiveness application.

⁦@Phil_Mattingly⁩ sba.gov/about-sba/sba-…
The Forgiveness Application suggests that borrowers may be subject to changes in #PPP regulations issued after the borrower applied for the PPP loan.
According to the #Forgiveness application, “[t]he Borrower’s eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. . . .
Read 4 tweets
Dan Kane Profile picture
May 15, 2020
On 5/13, #SBA provided some relief for #smallbiz concerned with possible SBA audits, particularly related to “economic need” certifications and the “good faith” safe harbor. But, #PPP loan recipients did not receive a full reprieve from all challenges. kaneesq.com/insights/ppp-l…
Despite the grace for “economic need” certifications, #SBA audits and post-hoc reviews still present significant risks for borrowers and even lenders, regardless of the #PPP loan amount.
Borrowers of less than $2 million should still prepare for potential #SBA audits and post-hoc reviews, particularly if they apply for #PPP loan #forgiveness. These reviews will likely require borrowers to substaniate size, #affiliations, #NAICS code, and even #creditworthiness.
Read 5 tweets

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