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PPP Guidance Issued by the SBA and U.S. Treasury at Odds With the CARES Act—Michelman & Robinson Files First-of-Its-Kind Lawsuit Challenging FAQs

Click here to read the lawsuit.

There continues to be significant backlash about the Paycheck Protection Program and loans being taken by not-so-small businesses like Ruth’s Hospitality Group (operator of the Ruth’s Chris Steak House chain), Auto Nation, and even the Los Angeles Lakers, which has put U.S. Treasury Secretary Steven Mnuchin on the defensive. On the heels of his recent comment that PPP borrowers improperly certifying their needs for relief under the CARES Act will suffer “severe consequences,” comes Mnuchin’s statement last week that, “for any loan over $2M, the Small Business Administration will be doing a full review of that loan before there is loan forgiveness.” (Read More)