Without much fanfare, the Small Business Administration (SBA) has started investigating borrowers of larger Paycheck Protection Program (PPP) loans to obtain information about their business activities. The SBA has asked...more
On May 20, 2020, the U.S. Court of Appeals for the Seventh Circuit sided with a lower court which invalidated applying the “Ineligibility Rule” by the Small Business Administration (SBA) to the Paycheck Protection Program...more
In a significant rebuke of the Small Business Administration (SBA), a Michigan federal district court has rejected the SBA’s attempt to deem a number of applicants, including sexually oriented dance clubs, ineligible for...more
5/21/2020
/ Administrative Procedure Act ,
Amended Complaints ,
CARES Act ,
Chevron Deference ,
Congressional Intent ,
Coronavirus/COVID-19 ,
Eligibility ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Preliminary Injunctions ,
SBA Lending Programs
On May 4, 2020, three Paycheck Protection Program (PPP) borrowers that received $750,000 in first-round funding sued the Small Business Administration (SBA) and the Treasury Department in the U.S. District Court, Central...more
While predicting the enforcement priorities of the financial regulators has always been more of an art than a science, the current circumstances—including a pandemic, a presidential election and a Supreme Court case hanging...more
Highlights:
- Program reauthorized for $310 billion and intended to be more widely distributed
- Bad news for venture capital and private equity
- Good news for hospitals and gaming
- Renewed focus on the...more
With many banks and credit unions electing to limit Paycheck Protection Program (PPP) loans to existing customers, many nonbank lenders are scrambling to fill the gap and take part in the $349 billion program prior to the end...more
On April 9, the Federal Reserve took the following actions to provide up to an additional $2.3 trillion in economic aid to support the economy during the coronavirus pandemic...more