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SBA Issues Guidance on Change of Ownership Transactions in Which SBA Consent Is Not Required

The U.S. Small Business Administration (the “SBA”) recently provided important and long anticipated guidance on requirements and exceptions for SBA consent in certain “change of ownership” transactions involving companies...more

Main Street Lending Program: Lender Registration Now Open

On June 15, 2020, the Federal Reserve Bank of Boston (“Boston Fed”), which administers the Main Street Lending Program (“MSLP”), announced that the program is now open for lender registration. We refer you to our earlier...more

Congress Passes PPP Flexibility Act Extending Certain Terms of the Paycheck Protection Program and Adding New Provisions

On June 3, 2020, the U.S. Senate passed a bill (the “PPP Flexibility Act”) that was also passed by the House of Representatives on May 28, 2020. It is expected that the President will sign the PPP Flexibility Act later this...more

Main Street Lending Moves Closer to Launch Date as Boston Fed Publishes Forms and Updated FAQs

As we previously reported, the Federal Reserve Board’s Main Street Lending Program (“MSLP”) is soon expected to be up and running. In a significant move toward launching the program, on May 27, 2020, the Federal Reserve Bank...more

Analysis of the Paycheck Protection Program Loan Forgiveness Application

On May 15, 2020, the Small Business Administration (the “SBA”) published a Loan Forgiveness Application (the “Forgiveness Application”),1 which provides long awaited information regarding loan forgiveness under the Paycheck...more

New Payment Protection Program Rule Regarding Foreign Affiliates Complicates Eligibility Analysis for Borrowers

On May 18, 2020, the Small Business Administration (the “SBA”) published a new Interim Final Rule (the “New Foreign Affiliate Rule”) under the Paycheck Protection Program (the “PPP”), addressing the treatment of foreign...more

Federal Reserve Board Expands $600 Billion Main Street Lending Program for Small and Medium-Sized Businesses

On April 30, 2020, the Federal Reserve Board ( the “Fed”) announced changes to the Main Street Lending Program originally announced on April 9, 2020, expanding the types of facilities and the eligibility of lenders and...more

Federal Reserve Establishes Two Main Street Lending Facilities Providing up to $600 Billion to Small and Mid-Sized Businesses

In a continuing series of measures to support the U.S. economy during the COVID-19 national emergency, the Board of Governors of the Federal Reserve System has announced the exercise of powers under Section 13(3) of the...more

Small Business Administration Rolls Out Details for $349 Billion Paycheck Protection Program

Small businesses that have been anxiously awaiting relief from the economic toll of COVID-19 and financial institutions participating in the Small Business Administration (“SBA”) 7(a) program now have important guidance from...more

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