Many relief programs have been implemented over the past year in response to COVID-19, and keeping up with the changing requirements for these programs can be daunting. A new twist in the requirements is the mandate for...more
The Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which was expanded by the Paycheck Protection & Health Care Enhancement Act, provides more than $650 billion...more
10/29/2020
/ Accountants ,
Banking Sector ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Fees ,
Financial Institutions ,
Lenders ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program and Health Care Enhancement Act ,
SBA
Gov. Gavin Newsom recently approved A.B. 713, a bill that creates further CCPA exceptions for healthcare and research information. The bill is especially potent in the COVID-19 era where the need for medical research is...more
Under the Paycheck Protection Program (PPP), borrowers can seek loan forgiveness of the full principal amount of loans as early as eight weeks after disbursement of the loan proceeds. On May 22, 2020, the U.S. Small Business...more
5/31/2020
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
FTEs ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
Safe Harbors ,
SBA ,
Small Business
The Small Business Administration issued an important update to its answers to frequently asked questions about the Paycheck Protection Program (PPP) on May 13, 2020:
Question: How will SBA review borrowers’ required...more
The Small Business Administration (SBA) updated its answers to frequently asked questions about the Paycheck Protection Program (PPP) on May 5, 2020, as follows:
Question: FAQ #31 reminded borrowers to review carefully the...more
On April 30, the Federal Reserve announced substantial changes to the initial terms of its Main Street Lending Program originally released on April 9, 2020:
After receiving over 2,200 comment letters and consulting with...more
5/5/2020
/ Borrowers ,
CARES Act ,
Commercially Reasonable Efforts ,
Coronavirus/COVID-19 ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Lenders ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
SBA ,
SPVs ,
Term Sheets ,
U.S. Treasury
In the last few days, the Small Business Administration (SBA) provided additional answers to frequently asked Paycheck Protection Program (PPP) questions and published yet another interim final rule on the administration of...more
On April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act was signed into law and provided an additional $310 billion for the Paycheck Protection Program (PPP). The Small Business Administration (SBA)...more
On April 23, 2020, the Small Business Administration (SBA) updated its Answers to Frequently Asked Questions about the Paycheck Protection Program (PPP). Among the most noteworthy updates is the following answer provided by...more
On April 9, 2020, the Federal Reserve announced a new “Main Street” Lending Program that will facilitate lending by banks and other financial institutions to mid-size businesses. The program is comprised of two separate...more
On April 7, 2020, the Small Business Administration (SBA) issued additional guidance on the Paycheck Protection Program (PPP) in the form of answers to frequently asked questions about the PPP. According to the new guidance,...more