In what may be the beginning of a trend, Judge Brantley Starr of the U.S. District Court for the Northern District of Texas recently issued a new mandatory rule regarding the use of artificial intelligence (AI) in legal...more
In the three days since federal authorities announced sweeping measures to protect depositors of Silicon Valley Bank (SVB) and Signature Bank and help prevent additional bank failures (as discussed in our update of March 12,...more
3/17/2023
/ Banking Sector ,
Banks ,
Bridge Banks ,
Department of Justice (DOJ) ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Financial Crisis ,
Financial Institutions ,
Investigations ,
Investment Banks ,
Receivership ,
Securities and Exchange Commission (SEC) ,
Silicon Valley ,
Venture Capital
More than a year into the COVID-19 pandemic, the first form of federal relief prepared specifically for restaurants is likely to be delivered soon. Many restaurants have benefited from Paycheck Protection Program (PPP) loans,...more
4/22/2021
/ American Rescue Plan Act of 2021 ,
Business Expenses ,
Coronavirus/COVID-19 ,
Department of Justice (DOJ) ,
Economic Injury Disaster Loans ,
Eligibility ,
False Claims Act (FCA) ,
Grants ,
IRS ,
Loan Forgiveness ,
NAICS ,
New Guidance ,
New Rules ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
Restaurant Industry ,
SBA ,
Tax Forms
As the government revives its Paycheck Protection Program (PPP) with hundreds of billions of dollars in additional loans available to small businesses, there are fresh signs that government fraud investigations and...more
2/8/2021
/ Borrowers ,
Compliance ,
Coronavirus/COVID-19 ,
Corporate Misconduct ,
Department of Justice (DOJ) ,
Eligibility ,
False Claims Act (FCA) ,
FIRREA ,
Fraud ,
Internal Investigations ,
Memorandum of Understanding ,
Paycheck Protection Program (PPP) ,
Risk Factors ,
Safe Harbors ,
SBA ,
Settlement Agreements ,
Whistleblowers
The Small Business Administration (SBA) has announced that they will reopen their portal for Paycheck Protection Program (PPP) loans for eligible borrowers beginning the week of January 11, 2021, after being shut down since...more
The U.S. Senate and House of Representatives, on December 21, 2020, approved H.R. 133, referred to as the “Consolidated Appropriations Act, 2021.” This advances to the president legislation to provide appropriations for 2021...more
12/28/2020
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
Over the course of the last week, the Small Business Administration (SBA) has reportedly begun quietly questioning borrowers who had received Paycheck Protection Program (PPP) loans about the “necessity” of their loans. On...more
11/5/2020
/ Applications ,
Borrowers ,
CARES Act ,
Certifications ,
Comment Period ,
Coronavirus/COVID-19 ,
Federal Register ,
For-Profit Corporations ,
Lenders ,
OMB ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
SBA ,
Small Business ,
Supporting Documentation
The U.S. Small Business Administration (SBA) released a procedural notice (the Notice) on October 2, 2020, that describes the process and requirements that Paycheck Protection Program (PPP) borrowers and lenders must follow...more
While debates in Congress continue regarding extending or providing additional COVID-19 relief legislation, the Small Business Administration (SBA), U.S. Department of the Treasury (Treasury), and lenders under the Paycheck...more
The Small Business Administration (SBA), on June 16, 2020, released new loan forgiveness application forms and corresponding instructions for borrowers seeking forgiveness of their Paycheck Protection Program (PPP) loans. On...more
This update amends our prior publication on June 5, 2020, and contains new information based on additional guidance provided by the Federal Reserve on June 8, 2020.
Authorized under the Coronavirus Aid, Relief, and...more
6/11/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Eligibility ,
Federal Funding ,
Federal Reserve ,
Main Street Expanded Loan Facility ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Main Street Priority Loan Facility ,
Midsize and Large Business Loans
This update amends our prior publication on May 4, 2020, titled Federal Reserve Announces Changes to Main Street Lending Program and contains new information based on additional guidance provided by the Federal Reserve on May...more
6/9/2020
/ CARES Act ,
Certification Requirements ,
EBITDA ,
Federal Reserve ,
FRB ,
Guidance Update ,
Lenders ,
Main Street Expanded Loan Facility ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Midsize and Large Business Loans
The U.S. House of Representatives, on May 28, 2020, passed with bipartisan support H.R. 6886, referred to as the Paycheck Protection Program Flexibility Act of 2020. If passed by the U.S. Senate and signed into law, H.R. 6866...more
On May 15, 2020, the Small Business Administration (SBA) released an application for loan forgiveness under the Paycheck Protection Program (PPP). A copy of the forgiveness application can be found here. Businesses that...more
Borrowers that, together with their affiliates, received Paycheck Protection Program (PPP) loans in an aggregate amount less than $2 million will be deemed to have made their certification that the loan was “necessary” in...more
The Federal Reserve Board (FRB) released updated guidance on its Main Street Lending Program (Main Street Program) on April 30, 2020. Authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law on March 27, 2020, established the Paycheck Protection Program (PPP), a loan program that made $349 billion available to small businesses...more