On December 27, 2020, the President signed into law the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, an integral portion of the Consolidated Appropriations Act of 2021 (the “Act”). As detailed in our...more
Congress has reached a bi-partisan agreement on the Consolidated Appropriations Act of 2021 (the “Act”), which includes a supplemental relief package aimed at mitigating the continued economic impact of COVID-19 on American...more
The U.S. Small Business Administration (the “SBA”), in consultation with the Department of the Treasury, has further updated its Frequently Asked Questions (“FAQs”) regarding the issuance of Loan Necessity Questionnaires to...more
The U.S. Small Business Administration (the “SBA”) is requiring lenders to obtain completed “economic need” questionnaires (the “Questionnaire”) from Paycheck Protection Program for-profit and nonprofit borrowers (“PPP...more
11/6/2020
/ Assessment ,
CARES Act ,
Coronavirus/COVID-19 ,
Eligibility ,
For-Profit Corporations ,
Good Faith ,
Liquidity ,
Loan Forgiveness ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
SBA
The Federal Reserve recently expanded its Main Street Lending Program (the “Program”) to three separate loan facilities: the Main Street New Loan Facility, the Main Street Priority Loan Facility and the Main Street Expanded...more
On June 5, 2020, the President signed the Paycheck Protection Program Flexibility Act of 2020 (the “Act”), a bipartisan measure aimed at providing additional flexibility and extended relief to small business borrowers under...more
On Friday, May 15, 2020, the Small Business Administration (“SBA”) released the Paycheck Protection Program Loan Forgiveness Application (the “Application”) and instructions (the “Instructions”), which, together with...more
The Small Business Administration (“SBA”) has further updated its Frequently Asked Questions (“FAQs”) regarding implementation of the Paycheck Protection Program (“PPP”), to extend the repayment date for purposes of the safe...more
On May 13, 2020, the Small Business Administration (“SBA”), in consultation with the Department of Treasury, updated its Frequently Asked Questions (“FAQs”) regarding implementation of the Paycheck Protection Program (“PPP”),...more
The Small Business Administration (“SBA”) has released Interim Final Rules (“Rules”) regarding implementation of the Paycheck Protection Program (“PPP”) under the CARES Act. These Rules are intended to provide guidance to...more
On March 31, 2020, the Department of Treasury released preliminary guidelines (“Guidelines”) for prospective participants in the Paycheck Protection Program (“PPP”), a cornerstone of the newly enacted CARES Act. Per the...more