The Federal Reserve’s Main Street Lending Program has been the subject of much commentary and criticism in the past two months – both in the press and in Congress – generally based on the views that the program is off to a...more
The Main Street Lending Program has opened for lender registration as of June 15, 2020, and interested lenders may register using the portal on the Federal Reserve Bank of Boston’s website. This client memo summarizes recent...more
PPP UPDATE – PPP Flexibility Act Reduces Amount Required to be Spent on Payroll; Expands Time Period for Forgiveness and Rehiring Employees; Permits Forgiveness Recipients to Defer Payroll Taxes...more
There have been a few updates on the Main Street Lending Program, and when it could begin operating.
...more
Late Friday, May 15th, the SBA released the PPP “Loan Forgiveness Application Form” and related addendums and instructions, which provide additional guidance and new details on how loan forgiveness will be calculated and...more
1. ALL PPP Borrowers Must Review New Certification Guidance, Whether Public or Private; Loans Over $2 Million Will Be Subject to Mandatory Audit; Safe Harbor Expires May 7...more
Executive Summary -
On April 30, the Federal Reserve Board (Fed) announced revisions to the scope and eligibility requirements for the Main Street Lending Program (the MSLP or Program) in response to over 2,200 comment...more
The Federal Reserve’s Main Street Lending Facilities – as of April 10, 2020 -
On April 9, the Federal Reserve (the Fed) published two new term sheets (the Term Sheets) and details for the Main Street Lending Program, which...more
The CARES Act limits eligibility for Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) to borrowers with 500 or fewer employees or those who would otherwise qualify under the existing definition of a...more
The U.S. Small Business Administration (SBA) is authorized to guarantee up to $349 billion in loans to eligible borrowers through the Paycheck Protection Program (PPP). As detailed below, these loans are then forgiven after...more
4/7/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
The Paycheck Protection Program (PPP) is now live and some authorized Lenders are already processing applications from Borrowers. As anticipated, there is very high demand....more
The Department of the Treasury and the Small Business Administration (SBA) have released a sample application form for the Paycheck Protection Program (PPP) and related guidance, which is available at the following links...more
4/3/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
CARES Act (Coronavirus Aid, Relief, and Economic Security Act) -
Below is a summary of certain provisions of HR 748, the bill approved by the Senate on March 25, 2020. Please note that the legislation still requires...more
3/26/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Individual Retirement Account (IRA) ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Required Minimum Distributions ,
Small Business ,
Tax Relief