CARES Act Doesn’t Entitle Accountants to Fees for Helping Borrowers Get PPP Loans
By EsqSocial Corporation 29/10/20
The Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was expanded by the Paycheck Protection & Health Care Enhancement Act, provides more than $650 billion in loans for small businesses affected by the coronavirus pandemic. It includes fees for banks that make PPP loans to borrowers. But four recent cases (of more than 50 pending nationally) hold that the CARES Act does not require the banks to share those fees with accounting...
By: Bradley Arant Boult Cummings LLP