On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law providing, among other relief, up to $349 billion to fund loans to small businesses affected by the...more
The Interim Final Rule issued late last week by the SBA limits the availability of PPP loans to businesses engaged in certain activities. Among them is banking and other lending activities. We believe that the exclusion will...more