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Small Business Administration › Commercial Bankruptcy

The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA... more +
The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA carries out its mission through a variety of programs including providing financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities and armed forces veterans. less -
Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 1

Spilman Thomas & Battle, PLLC on

5 Banking Trends to Watch in 2022 - "Some of the narratives Banking Dive sees taking shape for 2022 — crypto, for example — are carryovers from last year, reaching a logical conclusion or forward motion. Others, such as...more

Kaufman & Canoles

Bankruptcy Alert – When PPP Wasn’t Enough: Considerations for Lenders When PPP/EIDL Borrowers File for Bankruptcy

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Travel back in time to the Spring of 2020: people are searching for toilet paper and spraying down their groceries with Lysol. In addition, lenders are tackling the new loan programs created under the CARES Act. Lenders are...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Issue 8

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IRS Chief Tells Elizabeth Warren: More Transparent Bank Data Can Fight Tax Evasion - "Rettig, a Trump administration holdover, touted a provision in the American Families Plan that would require banks to report on their...more

Goodwin

FHFA Eliminates Adverse Market Refinance Fee

Goodwin on

In This Issue. The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will no longer charge lenders the Adverse Market Refinance Fee; the Federal Deposit Insurance Corporation (FDIC) is seeking...more

Miller Canfield

SBA's Guidance on Requests to Honor SBA's Guaranty of PPP Loan

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The SBA recently issued its Procedural Notice on when a lender may request the SBA to honor its guaranty of a PPP loan. The PPP loan program has been in place for over a year and has provided billions of dollars of assistance...more

Lowenstein Sandler LLP

Preference Defense In the Wake Of The Pandemic: A Primer

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Nothing is more frustrating to a trade creditor holding a large unpaid balance owed by a debtor in bankruptcy than the risk that payments the trade creditor received before the debtor filed bankruptcy may be clawed back by...more

Ward and Smith, P.A.

Congratulations Bankruptcy Graduates! You Are Now Eligible for PPP Loans.

Ward and Smith, P.A. on

To be eligible for a Paycheck Protection Program ("PPP") loan, the applicant must certify on the borrower application that the applicant and any owner of 20% or more of the applicant are not “presently involved in any...more

Dorsey & Whitney LLP

SBA Clarifies PPP Loans and Bankruptcy

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Since the first round of Paycheck Protection Program (PPP) loans, there has been confusion regarding eligibility for businesses or owners associated with bankruptcy. This resulted in substantial litigation between debtors in...more

Snell & Wilmer

Debt Limit Increase of Subchapter V of Chapter 11 of Bankruptcy Code Extended

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The 2020 CARES Act, enacted in response to the COVID-19 pandemic, included what was thought to be a temporary increase in the debt limits for Subchapter V bankruptcy filings under the Small Business Reorganization Act....more

Foley Hoag LLP

PPP Loans and Small Business Debtors in Bankruptcy

Foley Hoag LLP on

After the Paycheck Protection Program (the "PPP") was established in The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020, debtors in bankruptcy cases applied for PPP loans. The...more

Vinson & Elkins LLP

The Government Giveth And DOJ Taketh Away: The First Civil Settlement For Fraud In The Paycheck Protection Program

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It was only a matter of time. On January 12, 2021, the Department of Justice (“DOJ”) announced that it had reached its first civil settlement regarding allegations of fraud related to the Paycheck Protection Program (“PPP”).1...more

Miller Canfield

Congress Permits SBA to Make PPP Loans to Debtors in Bankruptcy, SBA Says "No"

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In June and December of 2020, Miller Canfield reported that the Fifth and Eleventh Circuits had held that the Small Business Administration ("SBA") may exclude debtors in bankruptcy from consideration for Paycheck Protection...more

Miller Canfield

Eleventh Circuit Joins Fifth in Holding that the SBA May Deny Paycheck Protection Program Loans to Debtors in Bankruptcy

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In June of 2020, Miller Canfield reported that the Fifth Circuit held that a Texas bankruptcy court had exceeded its authority when it ordered the SBA Administrator to make a Paycheck Protection Program (PPP) loan available...more

Locke Lord LLP

Saving Our Small Businesses – Considerations for Lenders upon the Default or Bankruptcy of a Paycheck Protection Program Borrower

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With the goal of providing financial relief to companies impacted by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) amended the Small Business Act to allow the Small Business...more

Fox Rothschild LLP

Bankruptcy FAQ: Options Facing Distressed Businesses

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The following are questions and answers that a distressed company considering insolvency options, including a potential bankruptcy filing, may find useful. Q: What is the difference between Chapter 11 and Chapter 7...more

Robins Kaplan LLP

Financial Daily Dose 8.4.2020 | Top Story: Twitter to Pay FTC Up to $250 Over Privacy Violations

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Twitter will pay the Federal Trade Commission up to $250 million to “resolve new charges . . . that the social media giant breached a 2011 consent decree by using data provided for security purposes to target users with...more

Miller Canfield

Bankruptcy Rulings: Debtors Do Not Have to Be Currently Engaged in Business and Commercial Activities to Qualify for SBRA Relief

Miller Canfield on

The recently enacted Small Business Reorganization Act ("SBRA") is available to help "small business debtors" with debts of no more than $2,725,625 (temporarily increased to $7,500,000 for one year by the CARES Act). Although...more

McCarter & English, LLP

Confusion Mounts Regarding Bankruptcy Debtor Access To PPP-UPDATED June, 2020

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Several recent bankruptcy court decisions reveal that a temporary restraining order prohibiting the Small Business Administration (SBA) from enforcing its rule that a debtor in bankruptcy cannot qualify for a Paycheck...more

Morgan Lewis

Debtors Need Not Apply? Continuing Developments on the SBA’s Authority to Deny PPP Loans to Debtor Applicants

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The Small Business Administration on April 24 issued an update to an interim final rule, crystalizing its view that applicants that have sought protection under the US Bankruptcy Code are not qualified borrowers under the...more

Rosenberg Martin Greenberg LLP

My Business Is In Bankruptcy: Can It Get A PPP Loan Or Not?

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In response to the COVID-19 pandemic, Congress enacted a Paycheck Protection Program (“PPP”) under which businesses adversely impacted by the pandemic may obtain loans from the Small Business Administration (“SBA”) and use...more

The Rodman Law Group, LLC

Bankruptcy Alternatives for the Cannabis Industry

The Rodman Law Group, LLC on

As many Americans are faced with the fallout of the COVID-19 pandemic, some business owners are now tasked with creating a clear path forward without traditional means of financial relief. Of its many tragic consequences,...more

Hogan Lovells

Coronavirus: The Hill and the Headlines – COVID-19 D.C. Update May 2020

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In Washington: COVID-19 cases may not peak in the D.C. region until mid- or even late May.  The Senate is back in session, but it may be a while before the House returns as leaders have not reached a bipartisan agreement on...more

Troutman Pepper

Chapter 11 Debtors Clash With the SBA Over PPP Eligibility

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The SBA’s Rules Exclude Bankruptcy Debtors From Relief Under the Paycheck Protection Program - The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, funnels aid to small...more

Morgan Lewis

Debtors Need Not Apply? New Developments on SBA Authority to Deny PPP Loans to Debtor Applicants

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The Small Business Administration on April 24 issued an update to an interim final rule, crystalizing its view that applicants that have sought protection under the US Bankruptcy Code are not qualified borrowers under the...more

Robins Kaplan LLP

Financial Daily Dose 4.27.2020 | Top Story: Uncertainty Over How to Reopen Rules Even as Some States Return to Business

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All the talk of when to reopen the economy is largely gotten in the way of a bigger (and thornier, if possible) question: how to do it. Despite the bold declarations from optimists and wishful thinkers that it’s as easy as a...more

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