Congress has weighed in with another sign of relief for Paycheck Protection Program (PPP) lenders embroiled in court battles over agent-fee disputes by clarifying that no such fees are owed by lenders in the absence of a contract. The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), signed into law December 27, 2020, now clarifies that, retroactive to March 27, 2020, a PPP “lender shall only be responsible for paying fees to an agent for services for which the lender directly contracts with the agent.” Continue reading >