In an effort to achieve an agreement before the expiration of many of the CARES Act1 economic relief measures, on December 21, 2020, the U.S. Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more
Because of the devastating effect that the COVID-19 pandemic has had on the entire U.S. economy, the federal Bank Regulators have warned of the possibility that small, medium and large banks may soon be forced to recognize...more
11/11/2020
/ Bank Holding Company ,
Banking Sector ,
Business Closures ,
Business Interruption ,
Capital Losses ,
Capital Requirements ,
Commercial Loans ,
Coronavirus/COVID-19 ,
Default ,
Enforcement ,
Fiduciary Duty ,
Financial Institutions ,
Financial Regulatory Agencies ,
GAAP ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
Strategic Planning
Due to economic uncertainty caused by COVID-19, Congress created the Paycheck Protection Program (the “PPP”) under sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP...more
In this dystopian environment we find ourselves in, the downturn in the U.S. economy will soon begin to ripple through the banking industry. Although the Federal Reserve appears to have acted prudently by establishing credit...more
On April 24, 2020, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (the “Enhancement Act”), which extends the availability of the several Small Business Administration (“SBA”) loan...more