On May 28, the House of Representatives passed legislation that amends certain provisions of the Paycheck Protection Program (PPP) largely in an effort to extend the period by which borrowers are permitted to use the proceeds...more
On May 13, the SBA published FAQ #46 in its continuing list of frequently asked questions, regarding the review of borrower’s good faith certification of the necessity of their loan request. Notably, the SBA announced that...more
5/14/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
U.S. Treasury
On April 9, the Treasury Department and the Federal Reserve announced two new lending facilities to provide capital to small- and medium-sized businesses. The Main Street New Loan Facility (the “New Loan Facility”) will...more
4/13/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Emergency Management Plans ,
Federal Reserve ,
Financial Markets ,
Liquidity ,
Paycheck Protection Program (PPP) ,
Private Equity ,
Special Purpose Vehicles ,
Venture Capital
Despite assertions from Congressional leaders on both sides of the aisle that the affiliation rules would be waived for applicants with outside minority investors, additional SBA guidance only provided relief for faith-based...more