The Federal Reserve Bank of Boston (“FRBB”) announced that the Main Street Lending Program (the “Program”) established by the Federal Reserve Board (the “Fed”) is operational as of July 6, 2020. To obtain a Program loan,...more
Yesterday, the U.S. Senate adopted by unanimous consent the U.S. House’s version of the Paycheck Protection Program Flexibility Act of 2020 (Act). We expect the Act to be signed into law this week....more
Update May 20, 2020 -
In an interim final rule titled “Business Loan Program Temporary Changes; Paycheck Protection Program – Treatment of Entities with Foreign Affiliates”, the SBA confirmed that due to “‘reasonable...more
As businesses turn their attention from Paycheck Protection Program (“PPP”) loan eligibility to loan forgiveness, the U.S. Small Business Administration (“SBA”) has released the Loan Forgiveness Application (“Application”),...more
Today, the Small Business Administration (SBA) published guidance regarding its intended approach to review of borrower certifications that a Paycheck Protection Program (PPP) loan was necessary to support ongoing...more
The Small Business Administration (SBA) and U.S. Treasury Department continue to trickle out guidance on the Payment Protection Program.
Employees of foreign affiliates -
Most significantly, the SBA stated on May 5 in...more
On April 30, the Federal Reserve released additional guidance and an FAQ regarding the Main Street Lending Program (the “Program”). In a previous client alert, Stoel Rives’ corporate team discussed the fundamentals of the...more
The Act provides -
- $310 billion in additional Small Business Administration (SBA) loan guarantee authority under the Paycheck Protection Program (PPP);
- $100 billion in additional funding for the Department of Health...more
On April 9, 2020, the Federal Reserve shared details of the Main Street New Loan Facility (“MSNLF”) and the Main Street Expanded Loan Facility (“MSELF”), which in combination establish the $600 billion Main Street Lending...more
As discussed in a previous client alert issued by Stoel Rives’ corporate team, the Paycheck Protection Program (“Program”) is part of a quickly evolving regulatory landscape. With a tremendous amount of information and...more
As anticipated, things are subject to swift changes as the Small Business Administration (“SBA”) embarks on a regulatory sprint to promulgate rules that will help administer the Paycheck Protection Program (“Program”). The...more
To cope with the financial impacts of the COVID-19 pandemic, under the Paycheck Protection Program (“Program”) established by the Coronavirus Aid, Relief, and Economic Security Act (“Act”), eligible businesses may receive a...more
4/2/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief