In the Headlines
May 11, 2020

Small Firms Join Rush to Return Loans After Rules Revisions

Bloomberg
Government Contracts Partner Mary Beth Bosco was quoted in a Bloomberg article about the growing confusion surrounding Paycheck Protection Program (PPP) loans. Since the program was first announced on March 27, the Treasury Department and the Small Business Administration (SBA) have issued several rules limiting who can receive the loans and how they can be used, leading some companies to return the loans, others to keep them and still others to sue for clearer guidance. Ms. Bosco said that the SBA missed an April 26 deadline in the law creating the PPP to issue a guiding rule on loan forgiveness, adding to the mounting uncertainty. She also commented on the effects of the numerous interim rules.

"Every time SBA comes out with a new interim rule, it seems to change the law or throw more confusion on it," she said.

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