Effective January 1, 2024, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) will require certain newly formed and pre-existing entities to submit information regarding their beneficial owners...more
On January 8, 2021, the U.S. Small Business Administration (“SBA”), in consultation with the Department of Treasury, announced the re-opening of the Paycheck Protection Program (“PPP”) to first-time borrowers and certain...more
On December 27, 2020, the President signed into law the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, an integral portion of the Consolidated Appropriations Act of 2021 (the “Act”). As detailed in our...more
Congress has reached a bi-partisan agreement on the Consolidated Appropriations Act of 2021 (the “Act”), which includes a supplemental relief package aimed at mitigating the continued economic impact of COVID-19 on American...more
The U.S. Small Business Administration (the “SBA”), in consultation with the Department of the Treasury, has further updated its Frequently Asked Questions (“FAQs”) regarding the issuance of Loan Necessity Questionnaires to...more
The U.S. Small Business Administration (the “SBA”) is requiring lenders to obtain completed “economic need” questionnaires (the “Questionnaire”) from Paycheck Protection Program for-profit and nonprofit borrowers (“PPP...more
11/6/2020
/ Assessment ,
CARES Act ,
Coronavirus/COVID-19 ,
Eligibility ,
For-Profit Corporations ,
Good Faith ,
Liquidity ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
SBA
Earlier this month, the U.S. Small Business Administration (the “SBA”) issued Procedural Notice Control No. 5000-20057 (the “Guidelines”), providing guidance with respect to M&A transactions involving entities with...more
The Federal Reserve recently expanded its Main Street Lending Program (the “Program”) to three separate loan facilities: the Main Street New Loan Facility, the Main Street Priority Loan Facility and the Main Street Expanded...more
On June 5, 2020, the President signed the Paycheck Protection Program Flexibility Act of 2020 (the “Act”), a bipartisan measure aimed at providing additional flexibility and extended relief to small business borrowers under...more
On Friday, May 15, 2020, the Small Business Administration (“SBA”) released the Paycheck Protection Program Loan Forgiveness Application (the “Application”) and instructions (the “Instructions”), which, together with...more
The Small Business Administration (“SBA”) has further updated its Frequently Asked Questions (“FAQs”) regarding implementation of the Paycheck Protection Program (“PPP”), to extend the repayment date for purposes of the safe...more
On May 13, 2020, the Small Business Administration (“SBA”), in consultation with the Department of Treasury, updated its Frequently Asked Questions (“FAQs”) regarding implementation of the Paycheck Protection Program (“PPP”),...more
On May 5, 2020, the Small Business Administration (“SBA”) updated its Frequently Asked Questions (“FAQs”) regarding implementation of the Paycheck Protection Program (“PPP”), to specifically address a one-week extension of...more
The Small Business Administration (“SBA”) has issued a supplemental Interim Final Rule (the “Rule”), along with additional Frequently Asked Questions issued in consultation with the Department of Treasury (released on Friday,...more
On April 23, 2020, the Small Business Administration (“SBA”), in consultation with the Department of Treasury, released supplemental guidance in the form of Frequently Asked Questions (“FAQs”) with respect to the...more
The Small Business Administration (“SBA”) has issued a supplemental Interim Final Rule (the “Rule”) providing additional guidance with respect to eligibility criteria under the Paycheck Protection Program (“PPP”). The Rule...more
As small businesses attempt to navigate the Paycheck Protection Program and other available federal relief, mid-sized businesses have awaited guidance on the Main Street Lending Program (the “Program”) and related corporate...more
In connection with the relief being offered to small businesses as a result of the impact of COVID-19, the CARES Act has modified certain provisions of the Small Business Administration’s (“SBA”) size and affiliation...more
The Small Business Administration (“SBA”) has released Interim Final Rules (“Rules”) regarding implementation of the Paycheck Protection Program (“PPP”) under the CARES Act. These Rules are intended to provide guidance to...more
On March 31, 2020, the Department of Treasury released preliminary guidelines (“Guidelines”) for prospective participants in the Paycheck Protection Program (“PPP”), a cornerstone of the newly enacted CARES Act. Per the...more
As the COVID-19 pandemic evolves, Governor Andrew Cuomo continues to reinforce his initial mandate limiting in-person business operations solely to Essential Businesses throughout the State. In an effort to facilitate the...more
After protracted negotiations, Congress has reached an agreement with respect to the Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the CARES Act (the “Act”), an unprecedented stimulus package...more
On Saturday March 21, 2020, Governor Phil Murphy issued Executive Order No. 107 and Executive Order No. 108, introducing additional protective measures amidst the evolving COVID-19 pandemic.
The State of New Jersey has...more
On Saturday March 21, 2020, Governor Phil Murphy issued Executive Order No. 107 and Executive Order No.108 (each, an “Executive Order”), introducing additional protective measures amidst the evolving COVID-19 pandemic. These...more
During the past 48-hours, the State of New York has issued multiple executive orders, initiatives and related guidance with respect to further shut downs and limitations on social and/or public gatherings, educational...more