Photo of Thomas S. Vaughn

Thomas S. Vaughn's practice focuses primarily on mergers and acquisitions, public securities offerings, public company securities compliance, and private placements of securities involving institutional, venture capital and private investors. He serves as United States general corporate counsel for a number of international companies, with a focus on companies involved in the automotive industry. He has assisted these clients in establishing and growing their United States operations through both acquisitions and internal growth.

As borrowers use their loan proceeds from the Paycheck Protection Program (PPP) to continue or restore payroll and call back laid-off employees, they may encounter reluctance or refusal by employees to return to work, which could impede borrower’s ability to obtain full forgiveness on their PPP loan. Borrowers looking toward full forgiveness of the loan amount must maintain a staffing level[1] during the eight-week period following the funding of the loan at the level maintained during a comparative period preceding the loan, as described in Section 1106(d)(2) of the CARES Act.[2]
Continue Reading Paycheck Protection Program Loan Forgiveness Not Impacted by Employees Who Won’t Return to Work, If Properly Documented