News & Analysis as of September 23, 2024

Small Business Administration › Guidance Update

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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 -

SBA Drops Loan Necessity Questionnaire for PPP Loans

Ervin Cohen & Jessup LLP on 8/5/2021

On July 29, 2021, the Small Business Administration (“SBA”) updated its guidance to address borrower and lender questions about the implementation of the Paycheck Protection Program (“PPP”). The SBA announced that it was...more

Nutter Bank Report: April 2021

Nutter McClennen & Fish LLP on 4/29/2021

CFPB Takes Steps to Avoid a Possible Wave of Home Mortgage Loan Foreclosures - The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders, that the CFPB...more

CFPB Revokes 2020 Statement of Policy Regarding Prohibition on Abusive Acts or Practices

Goodwin on 3/19/2021

In this Issue. The Consumer Financial Protection Bureau (CFPB) announced the rescission of its 2020 Statement of Policy Regarding Prohibition on Abusive Acts or Practices, possibly signaling an increase in enforcement...more

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

Goodwin on 2/15/2021

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

Paycheck Protection Program – Common Questions and Updated Guidance

Harris Beach PLLC on 2/8/2021

The Paycheck Protection Program has been seen as a lifeline for many businesses nationwide. Josh Steele, a partner in the Harris Beach Labor & Employment group and CARES Act team member has counseled clients throughout the...more

Updated Summary on Paycheck Protection Program (PPP) Round 2

Benesch on 1/14/2021

On January 6, 2021, the SBA issued more detailed guidance on the implementation of Paycheck Protection Program (PPP) round 2. The biggest upshot from the SBA’s releases are that except for a limited set of changes (which are...more

SBA Change of Control Guidance Does Not Work for Insolvent PPP Borrowers

Foley & Lardner LLP on 12/29/2020

This article focuses on the recent “change of control” guidance issued by the SBA to its PPP lenders (the “Guidance”) and, more specifically, how that Guidance affects insolvent PPP borrowers when they need to sell assets. As...more

Key Considerations for PPP Documentation - Update #2

Schwabe, Williamson & Wyatt PC on 8/20/2020

Borrowers under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) are required to either maintain or submit to lenders and the SBA certain documentation associated with their application for and...more

New Supplemental Guidance Issued for PPP Loan Program

Hinshaw & Culbertson LLP on 8/12/2020

On August 4, 2020, the Small Business Administration (SBA) and the U.S. Department of the Treasury released new FAQs to provide further guidance on Paycheck Protection Program (PPP) loan questions and supplement previously...more

Key Considerations for PPP Documentation - Update

Schwabe, Williamson & Wyatt PC on 6/26/2020

New 8(a) BD Program Requirements Effective July 15, 2020

Bradley Arant Boult Cummings LLP on 6/22/2020

As we noted previously, the Small Business Administration’s (SBA) final rule updating the qualification requirements for the 8(a) Business Development (BD) Program will go into effect on July 15, 2020. Importantly, for...more

SBA Offers Further Guidance on PPP Loan Forgiveness

Schwabe, Williamson & Wyatt PC on 6/22/2020

On June 17, 2020, the SBA issued yet another Interim Final Rule (the “IFR”) (SBA-2020-0037) conforming two previously-issued rules to the recently-enacted Paycheck Protection Program Flexibility Act (the “PPPFA”). Those...more

SBA Releases PPP Loan Forgiveness Application and Issues Formal Guidance Regarding PPP Loan Forgiveness

Bass, Berry & Sims PLC on 5/20/2020

This alert, originally published May 19, 2020, was updated to reflect further guidance issued by the SBA on May 22, 2020 regarding PPP loan forgiveness. The Small Business Administration (SBA) has released the first major...more

The CARES Program Continues to Evolve

Benesch on 4/3/2020

In true government fashion, on April 2, the Small Business Administration (SBA) released updated guidance for CARES Act Loans. Below is a bullet point summary of the relevant changes...more

SEC Staff Closes Loophole on BDC Asset Coverage Requirements

Morrison & Foerster LLP - JOBS Act on 7/2/2014

In a Guidance Update published on June 30, 2014 by the SEC’s Division of Investment Management, the staff closed a loophole that allowed business development companies (BDCs) with wholly owned Small Business Investment...more

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Small Business Administration › Guidance Update

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