Yesterday, Treasury released an updated set of rules that finally provide guidance on how banks and other lenders participating in the SBA’s Paycheck Protection Program (“PPP”) can report disbursements of funds and collect on...more
PAYCHECK PROTECTION PROGRAM -
The CARES Act increases the federal guarantee of loans made for the Payment Protection Program under section 7(a) of the Small Business Act to 100 percent through December 31, 2020....more
Expanded Authority of Lenders to Enter -
The CARES Act established the authority of the U.S. Department of Treasury, the Farm Credit Administration, and other federal financial regulatory agencies to authorize bank and...more
Yesterday, April 2, the Small Business Administration issued an interim final rule providing additional guidance on implementing its Paycheck Protection Program. While questions still remain, here is the new information that...more
By now most banks have been alerted to the fact that a significant part of the Coronavirus Aid, Relief and Economic Security Act (“CARES ACT”), is comprised of the Paycheck Protection Program (PPP), which was signed in to law...more
Governor Evers’ Safer at Home order took effect in Wisconsin at 8:00AM on Wednesday, March 25, and will remain in effect until 8:00AM on April 24. Every person is ordered to remain at home, though exception is made for the...more
As you are probably aware, yesterday afternoon, March 25, 2020, Minnesota Governor Tim Walz announced Executive Order 20-20 (the “Order”), directing Minnesotans to stay at home. As set forth in the order, beginning at 11:59...more
The COVID-19 virus has impacted the world in unforeseen ways, and all businesses are balancing many questions as a result of these unique times. Below is a summary of some key considerations for banks in particular, including...more