In response to the continued market disruption and economic impact of the COVID-19 pandemic, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, or the Act, on December 21, 2020 as a part...more
Yesterday, the Federal Reserve expanded its Main Street Lending Program (the “Program”) by amending its terms in an effort to reach more small and medium-sized businesses. ...more
The U.S. Treasury and the Board of Governors of the Federal Reserve Board announced on April 30 the revised terms and more specific details of the Main Street Lending Program for lending to mid-sized businesses and published...more
On Tuesday, April 21, 2020, the Senate approved $310 billion in additional funding for the Payroll Protection Program (the “PPP”). This increases the PPP’s original funding cap, which ran out last week. The House is expected...more
In the current environment, business development companies (BDCs) are facing unique challenges. The Securities and Exchange Commission has announced temporary and conditional relief for BDCs to allow them to manage through...more
The SBA released a supplemental interim final rule today to provide further guidance for individuals applying to the Paycheck Protection Program (PPP), the cornerstone small business lending program under the Coronavirus Aid,...more
The U.S. Treasury and the Board of Governors of the Federal Reserve Board announced yesterday the interim details of the $600 billion Main Street Lending Program which will provide financial support in the form of four-year...more
On Friday, April 3, 2020, eligible lenders began accepting applications for loans under the $349 billion Paycheck Protection Program, the cornerstone lending program under the Coronavirus Aid, Relief, and Economic Security...more
The SBA added to its FAQ on the Paycheck Protection Program to provide clarity on certain issues on April 6. It should offer comfort to lenders in particular, who were struggling to interpret some of these issues and worried...more
Note: This alert concerns legislation and related agency guidance issued in the last several days regarding urgent government financial assistance relating to the COVID-19 pandemic.
On March 27, 2020, Congress Enacted the...more
The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, provides some financial help to businesses across the United States. For small businesses (generally enterprises with 500 or fewer employees), the Act...more
In light of the severe market disruption and economic impact of the COVID-19 pandemic, we are monitoring the government’s response and communicating with companies any relief that may be helpful to manage their business in...more
4/1/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
The COVID-19 related stimulus bill (Coronavirus Aid, Relief, and Economic Security Act or CARES Act) provides relief to the banking industry directly. The CARES Act authorizes guarantees of bank-issued debt and...more