News & Analysis as of

Small Business Administration › Debtors

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 -
Kelley Drye & Warren LLP

Second Circuit Split Resolved: No PPP Loans for Debtors in Bankruptcy

Kelley Drye & Warren LLP on

In March, the U.S. Court of Appeals for the Second Circuit joined a growing majority of courts with Springfield Hospital, Inc. v. Administrator for the U.S. SBA, holding that no matter how forgiving its terms, a CARES Act’s...more

Kaufman & Canoles

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

Kaufman & Canoles on

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

Snell & Wilmer

Bankruptcy Debtor Prevails Over SBA in District of Arizona PPP Loan Dispute

Snell & Wilmer on

The Paycheck Protection Program (“PPP”) was a forgivable loan program administered by the US Small Business Administration (“SBA”) that was created as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES...more

Lowenstein Sandler LLP

Preference Defense In the Wake Of The Pandemic: A Primer

Lowenstein Sandler LLP on

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

Carlton Fields

Certain Debtors Are Now Eligible to Apply for PPP Loans

Carlton Fields on

The Small Business Administration (SBA) recently provided new guidance regarding the eligibility of certain debtors to apply for Paycheck Protection Program (PPP) loans, clarifying that, despite the general rule that debtors...more

Goodwin

SEC Division of Investment Management Ends Certain COVID-19 Relief

Goodwin on

In This Issue. The Securities and Exchange Commission’s (SEC) Division of Investment Management provided notice that it would terminate or withdraw certain temporary relief provided in response to the COVID-19 pandemic; the...more

McCarter & English, LLP

Chapter 11 Debtors With Confirmed Plans Are Now Eligible For PPP Loans

McCarter & English, LLP on

The Small Business Administration (SBA) published new guidance declaring Chapter 11 debtors with confirmed plans as eligible for Paycheck Protection Program (PPP) loans. The new guidance creates an exception to the SBA’s...more

K&L Gates LLP

COVID-19: Bankruptcy Code Amendments in the Consolidated Appropriation Act and COVID-19 Bankruptcy Relief Extension Act

K&L Gates LLP on

On March 27, 2021, President Biden signed into law the COVID-19 Bankruptcy Relief Extension Act (the Extension Act). The Extension Act temporarily extends certain COVID-19 bankruptcy relief provisions enacted as part of the...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

Goodwin

SEC Issues No-Action Relief On Registered Funds’ Custody Of Loan Interests

Goodwin on

In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more

Goodwin

OCC Delays Publication Of Trump Administration “Fair Access” Rule

Goodwin on

In this Issue. The Office of the Comptroller of the Currency (OCC) delayed publication of the “fair access” rule finalized late in the Trump Administration; the OCC also announced the availability of the 2021 list of bank...more

Vinson & Elkins LLP

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

Vinson & Elkins LLP on

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"

Miller Canfield on

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

ArentFox Schiff

Impacts of Stimulus Legislation on the Bankruptcy Code: Debtor Eligibility and Preference Exceptions

ArentFox Schiff on

The recently-passed Consolidated Appropriations Act, 2021 (the “CAA”) augments the CARES Act by expanding the existing Paycheck Protection Program (“PPP”) and adding additional stimulus programs in an attempt to lay some...more

Fox Rothschild LLP

SBA Controls Whether Bankruptcy Debtors May Take PPP Loans

Fox Rothschild LLP on

Until the U.S. Small Business Administration changes its position and rules, bankruptcy debtors are still unable to obtain PPP loans. That’s because, under the Consolidated Appropriations Act 2021 (the Act) signed by...more

Nelson Mullins Riley & Scarborough LLP

Debtors Still Left in Doubt as to Availability of PPP Loans

Nelson Mullins Riley & Scarborough LLP on

The Comprehensive Appropriations Act, 2021 (the “CAA”), signed on Dec. 27, 2020, provides for a new round of Paycheck Protection Program (“PPP”) loans. Unfortunately for debtors in bankruptcy, the CAA is entirely unclear as...more

Perkins Coie

New COVID-19 Relief Law Includes Limited Bankruptcy Protections Regarding PPP Loans

Perkins Coie on

The latest COVID-19 relief legislation provided some additional aid and clarity for a select group of debtors and left many other questions unanswered. The requirements for the next round of the Payroll Protection Program...more

Foley & Lardner LLP

Eleventh Circuit Finds SBA Can Deny Payment Protection Program Loans to Debtors in Bankruptcy

Foley & Lardner LLP on

The Eleventh Circuit recently affirmed the U.S. Small Business Administration's (“SBA”) rule that makes bankruptcy debtors ineligible for a Payment Protection Program (“PPP”) loan under the Coronavirus Aid, Relief, and...more

Miller Canfield

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

Miller Canfield on

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

Fox Rothschild LLP

Bankruptcy FAQ: Options Facing Distressed Businesses

Fox Rothschild LLP on

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

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

McCarter & English, LLP on

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

Morgan Lewis on

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

Miller Canfield

Fifth Circuit Holds that SBA May Deny Paycheck Protection Program Loans to Debtors in Bankruptcy

Miller Canfield on

The Fifth Circuit has waded into the debate on whether the SBA must make Paycheck Protection Program ("PPP") loans available to debtors in bankruptcy, clearly answering "No."  The PPP, a central component of the...more

K&L Gates LLP

COVID-19: PPP Eligibility of Debtors in Bankruptcy

K&L Gates LLP on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) established the Paycheck Protection Program (PPP), a lending program for small businesses pursuant to which up to 100 percent of the principal loan amount is...more

30 Results
 / 
View per page
Page: of 2
Next »

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide