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SBA Announces: “SBA may begin a review of any PPP loan of any size at any time in SBA’s discretion” & DOJ Announces Multiple...

Between May 20 and May 22, SBA announced three new Interim Final Rules and the U.S. Department of Justice (DOJ) announced three new fraud prosecutions stemming from PPP loans. Those prosecutions reflect that the DOJ does not...more

FAQ 46 & 47: Crime & Punishment (or the Lack of Either) for PPP Loans Large and Small

With one day to spare before the May 14 “Limited Safe Harbor” expires, the SBA released FAQ #46 (May 13) to explain the process of how the SBA will review Paycheck Protection Program (PPP) loans. The new FAQ, unfortunately,...more

Consider Reconvening Your Board Before May 7 if You Received or Are In Process on SBA Loans Under PPP

Today SBA provided an Interim Final Rule (IFR) and yesterday (Thursday), Treasury again updated its Paycheck Protection Program (PPP) FAQ sheet adding FAQ #31. The new FAQ #31 is an after-the-fact reset of the certification...more

SBA Loans Regs: The “Bootleg” Redline of SBA Affiliation Rule §301(f) (the changes you’re not seeing online!)

There’s been confusion about the rules governing eligibility for SBA Section 7(a) loans, which we’ve elsewhere written about.1 That confusion focused on whether to conduct “affiliation” analysis under Section in Title 13 CFR...more

SBA Section 7(a) Loans for Venture Capital Backed Growth Companies/Startups Under the CARES Act

Background: On March 27, 2020, the U.S. House of Representatives passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the CARES Act), which the President subsequently signed it into law. The CARES Act...more

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