To be eligible for a Paycheck Protection Program ("PPP") loan, the applicant must certify on the borrower application that the applicant and any owner of 20% or more of the applicant are not “presently involved in any...more
We previously notified you that the CARES Act contained a key provision related to existing SBA loans. Section 1112 of the Act appropriated $17 billion to subsidize principal, interest, and fees for six months for some small...more
While much of the focus of the CARES Act has been on the Paycheck Protection Program, which allocates $349 billion for new SBA loans to cover qualified expenses, the Act contained a key provision related to existing SBA...more
With COVID-19 shutting down whole swaths of the economy, the SBA has issued a notice to SBA 7(a) Lenders and 504 Certified Development Companies (CDCs), reminding them of their unilateral authority to provide borrowers with...more
When an SBA loan goes into default, the SBA requires a lender to commence litigation when the lender concludes that (1) defensive action is necessary to protect the collateral or ability to collect from the obligor or (2)...more
10/17/2019
/ Affirmative Defenses ,
Best Practices ,
Borrowers ,
Corporate Counsel ,
Counterclaims ,
Defense Strategies ,
Foreclosure ,
Litigation Fees & Costs ,
Litigation Strategies ,
SBA ,
SBA Lending Programs ,
Small Business ,
Small Business Loans
For several years, the United States Small Business Administration (SBA) has experienced continuous growth with its flagship 7(a) and 504 business loan programs. For fiscal year 2018, the SBA made over $24 billion in loans...more
9/26/2019
/ Arms Length Transactions ,
Best Practices ,
Deed of Trust ,
Deed-in-Lieu of Foreclosure ,
Federal Contractors ,
Foreclosure ,
Government Shutdown ,
Liquidation ,
Non-Judicial Foreclosures ,
Property Owners ,
SBA ,
Small Business ,
Small Business Loans ,
Standard Operating Procedures