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Update: SBA Announces Launch Date For First and Second Draw PPP Loan for Borrowers with Community Lenders - Eligibility, Payroll...

Update: Starting Monday, Jan. 11, 2021, the SBA will begin to accept First Draw PPP Loan applications only from community financial institutions. Starting Wednesday, Jan. 13, 2021, the SBA will begin to accept Second Draw...more

Overview of the Stimulus Bill and Aid to Small Businesses

Late Sunday night, Congress came to an agreement on a long-awaited second stimulus package. President Trump is expected to sign the highly anticipated $900 billion stimulus package in the coming days. Out of that total...more

Main Street Lending Program Update: Minimum Loan Size for Certain Facilities Available to For-Profit and Non-Profit Borrowers...

The Federal Reserve announced on October 30, 2020 that the minimum loan size for three Main Street Lending Program facilities available to for-profit and nonprofit borrowers, (1) the Main Street New Loan Facility (MSNLF), (2)...more

Troubling PPP Update: SBA Intends to Require Borrowers with Loans Over $2 Million to Complete a New Loan Necessity Questionnaire

The Small Business Association (SBA) has circulated Paycheck Protection Program (PPP) loan necessity questionnaire forms that it intends to require borrowers with PPP loans in excess of $2 million to complete. It is expected...more

Main Street Lending Program Update: Webinar for Borrowers with Q&A to be Presented by the Federal Reserve Bank of Boston on...

October 15, 2020 By: Jeffrey B. Scheer and Anna W. Richards As we previously advised, the Main Street Lending Program is fully operational and is accepting submissions of eligible loans to nonprofit organizations and...more

The Main Street Lending Program is Now Operational for Loans to Nonprofit Organizations

The Federal Reserve Bank of Boston announced on Friday that the Main Street Lending Program is now fully operational and is accepting submissions of eligible loans to nonprofit organizations, submitted by eligible lenders....more

PPP Update: Amended Max Compensation Rule for Owner-Employees with Less Than 5 Percent Ownership and Eligible Nonpayroll Costs...

On August 24, 2020, the Small Business Association (SBA) issued guidance on the Paycheck Protection Program (PPP) pertaining to employee-owner compensation and nonpayroll costs eligible for loan forgiveness....more

Recent Updates on the Main Street Lending Program Applicable to Nonprofits

The Main Street Lending Program (MSLP) includes facilities for for-profit businesses as well as nonprofit organizations. The Federal Reserve Board has recently announced a number of clarifications and changes to the Main...more

Federal Reserve Announces Expansion of Main Street Lending Program to More Small and Medium-Sized Businesses and Proposal to...

The Federal Reserve announced on June 8, 2020 that its Main Street Lending Program (MSLP) has been expanded to allow more small and medium-sized businesses to be able to receive support. The MSLP was designed to facilitate...more

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