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Update on Main Street Program: Companies For Which a Main Street Loan Could Be a Good Fit

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 Fed Updates the Main Street Lending Program As of June 15, 2020

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 – Paycheck Protection Flexibility Act

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

Updates on the Main Street Lending Program

There have been a few updates on the Main Street Lending Program, and when it could begin operating. ...more

PPP Alert – SBA Releases Loan Forgiveness Application and Instructions

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

PPP – Additional Cautionary Guidance, Impact of Forgiveness on Deductible Expenses, and New Loan Amount Limits for Corporate...

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

The Fed Updates the Main Street Lending Program – as of May 1, 2020

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

Fed Loan Program Hits Main Street

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

Who’s Counting? A Closer Look at SBA Affiliation Rules and Size Standards Under the CARES Act

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

UPDATED: Summary COVID-19: Paycheck Protection Program (PPP)

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

SBA Paycheck Protection Program: Loan Documents Available

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

Treasury & SBA Release PPP Sample Application Form & Related Guidance

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

Summary of CARES Act

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

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