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Department of Transportation Launches the Access to Capital Initiative

On October 17, 2023, the U.S. Small Business Administration (SBA) and the Department of Transportation (DoT) announced the rollout of the Access to Capital Initiative (ACI), a joint effort between the SBA and DoT to help...more

Small Business Administration and Department of Defense Launch Small Business Investment Company Critical Technologies Initiative

On September 29, 2023, the U.S. Small Business Administration (SBA) and the Department of Defense (DoD) announced the rollout of the Small Business Investment Company Critical Technology (SBICCT) Initiative, a joint effort...more

FDIC Creates Silicon Valley Bridge Bank, N.A. and Issues Updated FAQS

The FDIC has also posted updated FAQs on its website confirming that direct deposits and autopay will continue to operate and that checks will continue to clear. Customers with lines of credit are instructed to contact...more

Silicon Valley Bank: Preparing for Monday

Just before noon on Friday March 10, 2023, Silicon Valley Bank (SVB) was shut down by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) was named as the...more

Department of the Treasury, Federal Reserve, and FDIC Issue Joint Statement

On Sunday, March 12, 2023, the Treasury Department, the Federal Reserve, and the FDIC issued a joint statement indicating that there has been an agreement to roll out emergency measures to protect depositors at SVB. The...more

Silicon Valley Bank: Recent Developments

We have received a number of inquiries from clients regarding Silicon Valley Bank’s (SVB) recent shut down by the California Department of Financial Protection and Innovation and the FDIC being named as the receiver. This is...more

10 Things To Know About Venture Debt

In recent months, early stage company deal reports have suggested an uptick in venture debt financing for companies unable or unwilling to access the equity markets. Rather than pursue what may be a down-round equity...more

SBA Institutes Inflation Adjustments to SBIC Program Fees

The U.S. Small Business Administration has announced increases to licensing and examination fees relating to the Small Business Investment Company program by way of an annual inflation adjustment. The new fees, set forth in...more

9/3/2021  /  Fees , Licensees , Licenses , SBA , SBIC , Small Business

SBA Issues Regulations on New Round of PPP Loans

On January 6, 2021, the U.S. Small Business Administration and the Department of Treasury released interim final rules related to the expansion and extension of the original Paycheck Protection Program (PPP) and the...more

Key Highlights of New Round of PPP Loans Included in COVID Relief Package

On December 21, 2020, Congress approved a $900 billion COVID-19 relief package (the Consolidated Appropriations Act, 2021 (the “Act”)), which included revisions and extensions of the Coronavirus Aid, Relief, and Economic...more

SBA Announces Simpler PPP Forgiveness for Loans Less Than $50k

The U.S. Small Business Administration (SBA) has announced that it is rolling out a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The SBA claims the new, more streamlined...more

New SBA Guidance on Change in Ownership by PPP Borrowers

On October 2, 2020, the U.S. Small Business Administration (“SBA”) released new guidance on when SBA consent is required in connection with a change in ownership of an entity that has received Paycheck Protection Program...more

SBA’s Office of Investment and Innovation Semi-Monthly Draw Application Schedule

SBA’s Office of Investment and Innovation has revised the semi-monthly draw application schedule for the 2020 holiday season with the first revised deadline occurring on Tuesday, November 3, 2020...more

PPP Loan Forgiveness Guidance

On August 4, 2020, the U.S. Small Business Administration (SBA) issued New PPP Loan Forgiveness FAQs. These FAQs, together with previously released guidance and forgiveness applications and instructions, provide an outline...more

Main Street Lending Facilities under the CARES Act - Update #2

On June 8, 2020, the Board of Governors of the Federal Reserve System (the “Fed”) released improvements favorable to borrowers for its three lending programs (the “Main Street Facilities”) under the Coronavirus Aid, Relief...more

Paycheck Protection Program Flexibility Act – Updates to the PPP

On June 5, 2020, the President signed the Paycheck Protection Flexibility Act of 2020 (the “Act”), which modifies certain provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) enacted on March...more

Paycheck Protection Program

So you’ve retained funds provided under the SBA Paycheck Protection Program in the CARES Act. What next? We’ve compiled a checklist to maintain your compliance with the program’s conditions and reduce the risk of audit...more

Main Street Lending Facilities under the CARES Act - Update

On April 30, 2020, the Board of Governors of the Federal Reserve System (the “Fed”) released further details regarding three lending programs (the “Main Street Facilities”) under the Coronavirus Aid, Relief and Economic...more

New Federal COVID-19 Small Business Relief: More CARES Act Funding and Updated Eligibility Guidance

On April 23, 2020, Congress passed the Paycheck Protection Program and Health Care Enhancement Act (the “Act”), which provides approximately $484 billion in relief in addition to the Coronavirus Aid, Relief and Economic...more

Main Street Lending Facilities under the CARES Act

On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Fed”) released details regarding two lending programs (the “Main Street Facilities”) under the Coronavirus Aid, Relief and Economic Security Act...more

The U.S. Small Business Administration Releases Paycheck Protection Program Interim Regulations

On April 2, 2020, the U.S. Small Business Administration (the “SBA”) issued a new interim final rule that provides implementation guidelines for interpreting its Paycheck Protection Program (“PPP”). As discussed in our main...more

COVID-19 Relief Loans for Small Businesses - Updated

Small businesses adversely affected by COVID-19 may apply for special loans provided or guaranteed by the U.S. government. The program provided $349 billion available for two types of loans, both of which are now available...more

CARES Act Title IV Loans to Large and Midsize Businesses

In addition to the loans being made under the CARES Act to small businesses (typically with fewer than 500 employees), Title IV Subtitle A of the Act also provides nearly $500 billion in senior loans and guarantees to larger...more

Regulatory Agencies Propose to Modify Volcker Rule

On January 30, 2020, five federal regulatory agencies, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board, the Office of the Comptroller of the Currency,...more

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