Democrats and Republicans launch negotiations, each envisioning a broad-scale extension of previous efforts to stem the economic damage from COVID-19.
Senate Republicans and House Democrats have both put forth proposals...more
8/3/2020
/ Affordable Care Act ,
CARES Act ,
Child Tax Credit ,
Coronavirus/COVID-19 ,
Earned Income Credit ,
Economic Impact Payments ,
Employee Retention ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Pandemic Unemployment Compensation (FPUC) ,
Financial Stimulus ,
Medicaid ,
Pandemic Emergency Unemployment Compensation (PEUC) ,
Pandemic Unemployment Assistance (PUA) ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SNAP Program ,
Supply Chain
The update generally provides further clarifications to existing guidance, but one change regarding the Expanded Loan Facility could enable eligible borrowers to access additional funding that was previously unavailable to...more
7/21/2020
/ Borrowers ,
Collateralized Debt Obligations ,
Collateralized Loan Obligations ,
EBITDA ,
Lenders ,
Libor ,
Main Street Expanded Loan Facility ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Main Street Priority Loan Facility ,
New Guidance ,
Paycheck Protection Program (PPP) ,
SBA
On Monday, July 6, the U.S. Small Business Administration (SBA) publicly disclosed the names and addresses of Paycheck Protection Program (PPP) borrowers that received loans of at least $150,000 each.
SBA has published a...more
Choosing the Right Facility for Your Business -
The flowchart presented here provides a simplified decision tree to assist you in making a selection that is right for your business. It highlights certain differences...more
On June 8, the Federal Reserve released updated guidance for the Main Street Lending Program.
Pillsbury’s Public Policy and Finance teams provide a synopsis of the often-updated program’s eligibility requirements and loan...more
On June 15, the Federal Reserve proposed to expand the Main Street Lending Program to benefit small and medium-sized nonprofits and released term sheets for public comment.
Our chart summarizes the proposed expansion,...more
The new Interim Final Rule amends SBA’s existing regulations to account for the provisions of the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), signed into law on June 5, 2020.
Importantly, the...more
Larger loans available, and more small and medium-sized businesses may qualify for support with new changes to minimum loan amounts and amortization schedule.
Minimum loan amounts reduced and maximum loan amounts increased...more
New law modifies the Paycheck Protection Program.
The President has signed into law the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which proposes to extend the period borrowers must spend the...more
The President has signed into law the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which proposes to extend the period borrowers must spend the forgivable Paycheck Protection Program (PPP) loans...more
The House has introduced bipartisan legislation to modify the Paycheck Protection Program.
The House recently passed the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act), which proposes to extend the...more
Banks considering lending under the Main Street Lending Program should take note of additional guidance issued by the Federal Reserve Bank of Boston.
Eligible Lenders have the option to condition their funding of a Main...more
Companies that may want to borrow under the Main Street Lending Program should take note of additional guidance recently issued by the Federal Reserve Bank of Boston.
The Federal Reserve Bank of Boston has issued further...more
6/2/2020
/ Borrowers ,
Certifications ,
Federal Reserve ,
Main Street Expanded Loan Facility ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Main Street Priority Loan Facility ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
Small Business Loans
On May 22, 2020, the Small Business Administration (SBA) issued its interim final rule on loan forgiveness. The rule describes, in a question-and-answer format, the mechanics of applying for and receiving loan forgiveness...more
Authorities are clamping down on financial crime, and the art market needs to understand and satisfy its compliance obligations as COVID-19 results in heightened criminal activity.
Increasing regulation in the sector means...more
On May 15, 2020, the Small Business Administration (SBA) published the application form that Paycheck Protection Program (PPP) borrowers will submit to their banks when they apply for forgiveness of their PPP loans. The...more
5/19/2020
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
FTEs ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
U.S. Treasury
On May 13, 2020, one day before the expiration of the relevant “safe harbor” deadline, the Small Business Administration (SBA) issued new guidance to borrowers who have been considering whether to return their CARES Act...more
As confirmation hearings are held for Special Inspector General for Pandemic Recovery, the DOJ announces its first major indictments for violations of the CARES Act.
DOJ and Leaders in Congress are turning to aggressive...more
On May 5, 2020, the Small Business Administration (SBA) and the Treasury Department extended by one week the “safe harbor” for CARES Act Paycheck Protection Program (PPP) applicants to return their loans in the event that the...more
In response to public input, loan options under the Main Street Lending Program have increased and eligible businesses expanded.
The pool of businesses eligible to borrow has been expanded....more
Multijurisdictional groups seeking relief should consider restrictions that might impact cashflows from U.S. companies to its foreign affiliates.
U.S. subsidiaries of non-U.S. companies can obtain access to various relief...more
Under retroactive guidance issued by SBA and the Treasury Department on April 23, 2020, CARES Act Paycheck Protection Program (PPP) applicants must consider their access to alternative sources of liquidity before certifying...more
4/28/2020
/ Borrowers ,
CARES Act ,
Certification Requirements ,
Federal Register ,
Good Faith ,
Interim Final Rules (IFR) ,
Liquidity ,
New Guidance ,
Paycheck Protection Program (PPP) ,
SAFE ,
SBA ,
U.S. Treasury
Latest stimulus reopens SBA emergency loan programs.
Latest stimulus bill provides over $300 billion in additional funds for the SBA’s Paycheck Protection Program and Emergency Injury Disaster Loans, allowing the program...more
Additional corporate credit facilities under the CARES Act for corporate debt and corporate bonds issued by eligible issuers.
Treasury will provide $75 billion in equity to the PMCCF and SMCCF.
...more
4/24/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Bonds ,
Debt Instruments ,
Federal Reserve ,
FRBNY ,
Primary Market Corporate Credit Facility (PMCCF) ,
Relief Measures ,
Secondary Market Corporate Credit Facility (SMCCF) ,
SPVs ,
U.S. Treasury
USDA’s Coronavirus Food Assistance Program (CFAP) promises $19 billion in direct support to farmers, ranchers and distributors whose supply chains have been critically impacted by COVID-19.
USDA announces $19 billion...more