Joshua M. Bowman and Joseph Y. Wang quoted in Society of Human Resource Management article on new bill easing requirements of Paycheck Protection Program
Joshua M. Bowman, partner in the firm’s Real Estate and Corporate departments and chair of its Hospitality Practice Group, and Joseph Y. Wang, partner in the firm’s Real Estate Department and member of its Hospitality Practice Group, were quoted in a Society of Human Resource Management (SHRM) article on June 5, 2020. The article, “Trump Signs Bill Easing Paycheck Protection Program Requirements,” covers a new bill, signed into law by President Donald Trump, that gives employers more flexibility when using Paycheck Protection Program (PPP) funds and applying for loan forgiveness.
From the article:
“Employers should note that the new act extends the maturity date of the PPP loans—for any portion of a PPP loan that is not forgiven—from two years to five years. ‘This provision of the act only affects borrowers whose PPP loans are disbursed after its enactment,’ explained Joshua Bowman and Joseph Wang, attorneys with Sherin and Lodgen in Boston. With respect to already existing PPP loans, the act states specifically that nothing in the act will ‘prohibit lenders and borrowers from mutually agreeing to modify the maturity terms of a covered loan.'”