In response to the continued market disruption and economic impact of the COVID-19 pandemic, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, or the Act, on December 21, 2020 as a part...more
All applicants for Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act were required to certify in good faith that current economic uncertainty made the PPP loan...more
The Small Business Administration (SBA) issued a new interim final rule (IFR) for the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) yesterday....more
The Securities and Exchange Commission (SEC) adopted amendments on Wednesday to portions of Regulation S-K and to the definitions of “accredited investor” and “qualified institutional buyer." ...more
Amendments Codify Prior Guidance that Proxy Voting Advice Is a “Solicitation,” Add Conditions to Exemptions Relied on by Proxy Advisory Firms - Continuing its focus on the proxy process and possible improvements to the...more
The Federal Reserve began accepting lender applications to participate in the Main Street Lending Program (the “Program”), which is a lending program intended to provide liquidity to small and medium-sized businesses with...more
The SBA has released an updated loan forgiveness application and instructions for the Paycheck Protection Program (“PPP”) to account for certain changes made in the Paycheck Protection Program Flexibility Act of 2020 (the...more
The Federal Reserve recently announced a new proposal to expand its Main Street Lending Program to nonprofit organizations. Public comments may be made to the Federal Reserve via email, here, until Monday, June 22, 2020....more
Yesterday, the Federal Reserve expanded its Main Street Lending Program (the “Program”) by amending its terms in an effort to reach more small and medium-sized businesses. ...more
Last night the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the “Act”) that is expected to be signed into law by President Trump today. ...more
Overview - Currently, registered investment companies and business development companies, or BDCs, are required to comply with Rule 3-05 of Regulation S-X in connection with acquisitions of other investment companies and...more
The Federal Reserve Bank of Boston published the necessary legal forms and agreements for borrowers and lenders to participate in the Main Street Lending Program (Program) on May 27, 2020. In addition, the Federal Reserve...more
Overview - When a public company acquires a business or real estate operations, it may or may not have to provide historical financial information about the target in its SEC filings depending on how significant the target is...more
The SBA issued an additional FAQ #46, providing guidance on how it will review the required good faith certification that current economic uncertainty make the PPP loan necessary to support ongoing operations, which we refer...more
The U.S. Securities and Exchange Commission (SEC) recently announced its proposal of new Rule 2a-5 (the “Proposed Rule”) under the Investment Company Act of 1940 (1940 Act) to establish a framework for fund valuation...more
The U.S. Treasury and the Board of Governors of the Federal Reserve Board announced on April 30 the revised terms and more specific details of the Main Street Lending Program for lending to mid-sized businesses and published...more
In response to the economic crisis caused by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law and dedicated $349 billion to the Paycheck Protection Program, or...more
In the current environment, business development companies (BDCs) are facing unique challenges. The Securities and Exchange Commission has announced temporary and conditional relief for BDCs to allow them to manage through...more
The SBA released a supplemental interim final rule today to provide further guidance for individuals applying to the Paycheck Protection Program (PPP), the cornerstone small business lending program under the Coronavirus Aid,...more
On April 8, 2020, the Securities and Exchange Commission (SEC) adopted final rules to implement certain provisions of the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief, and Consumer...more
The U.S. Treasury and the Board of Governors of the Federal Reserve Board announced yesterday the interim details of the $600 billion Main Street Lending Program which will provide financial support in the form of four-year...more
On Friday, April 3, 2020, eligible lenders began accepting applications for loans under the $349 billion Paycheck Protection Program, the cornerstone lending program under the Coronavirus Aid, Relief, and Economic Security...more
The Securities and Exchange Commission has been actively providing guidance and relief to issuers and other market participants amid the COVID-19 pandemic and has stated it may extend the relief granted if warranted by...more
With lenders set to begin processing applications today, April 3, 2020 for the $349 billion Paycheck Protection Program (the PPP) established under the Coronavirus Aid, Relief and Economic Security Act (the CARES Act), the...more
The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, provides some financial help to businesses across the United States. For small businesses (generally enterprises with 500 or fewer employees), the Act...more