Food Venture Financing News - Weekly Issue No. 11
In This Issue:
Treasury Guidelines for PPP Loan Forgiveness
On May 22, the U.S. Treasury Department issued new regulations on PPP loan forgiveness, which may make it more difficult for some PPP borrowers to qualify for loan forgiveness. Under the new regulations:
- The SBA can review any loan at any time
- The loan forgiveness process could take up to five months
- The PPP borrower is responsible for calculating the loan forgiveness amount
- Loan forgiveness is tied to having the same number of full-time employees the PPP borrower referenced in its PPP loan application
Links to Relevant Content
At Davis Wright Tremaine LLP (DWT), we are proud to have one of the largest Food & Beverage legal practices in the country, with over 40 attorneys representing food innovators, entrepreneurs, and investors at every level of the food chain, from Farm to Label.
Please contact our Food and Beverage team if we can assist you in any way in these unprecedented times.
The facts, laws, and regulations regarding COVID-19 are developing rapidly. Since the date of publication, there may be new or additional information not referenced in this advisory. Please consult with your legal counsel for guidance.
DWT will continue to provide up-to-date insights and virtual events regarding COVID-19 concerns. Our most recent insights, as well as information about recorded and upcoming virtual events, are available at www.dwt.com/COVID-19.