After the passage of the CARES Act last year, the clear focus of small businesses was on the Paycheck Protection Program (the “PPP”). A slightly less reported feature was the tax credit available for the retention of...more
Congress has passed the long-awaited bipartisan stimulus package on December 21, 2020 which is expected to be signed by the President. Included in this package are significant changes to the existing Paycheck Protection...more
On October 2, 2020, the SBA provided notice to PPP lenders regarding the process by which PPP borrowers may undertake a “change of ownership” while a loan is outstanding. Previously there was little guidance provided to...more
On June 16, 2020, the SBA released a revised form of Loan Forgiveness Application, which incorporates the changes provided in the PPP Flexibility Act that we previously discussed, as well as a new “EZ” form intended to...more
On May 28, the House of Representatives passed legislation that amends certain provisions of the Paycheck Protection Program (PPP) largely in an effort to extend the period by which borrowers are permitted to use the proceeds...more
On May 15, the SBA released its standard application that borrowers must complete to receive partial or full forgiveness for loans issued pursuant to the Paycheck Protection Program (PPP). Consequently, we have substantially...more
With the spate of high-profile companies receiving public backlash after obtaining loan proceeds from the Paycheck Protection Program (PPP), on April 23 the SBA added item #31 (followed by item #37 on April 28) to its...more
This is the second installment of a two-part series highlighting M&A transaction issues for buyers and sellers to consider in light of COVID-19. ...more
On April 9, the Treasury Department and the Federal Reserve announced two new lending facilities to provide capital to small- and medium-sized businesses. The Main Street New Loan Facility (the “New Loan Facility”) will...more
4/13/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Emergency Management Plans ,
Federal Reserve ,
Financial Markets ,
Liquidity ,
Paycheck Protection Program (PPP) ,
Private Equity ,
Special Purpose Vehicles ,
Venture Capital
Despite assertions from Congressional leaders on both sides of the aisle that the affiliation rules would be waived for applicants with outside minority investors, additional SBA guidance only provided relief for faith-based...more
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. The loan amounts will be forgiven in its entirety as long as:...more
This is the first installment of a two-part series highlighting M&A transaction issues for buyers and sellers to consider in light of COVID-19. ...more
In response to the overwhelming domestic and global economic impact of the COVID-19 pandemic, Congress recently enacted legislation to provide relief to small businesses across the United States. ...more
Riding the wave of the longest bull market in U.S. history, and in a growing field of available institutional capital, funding options under company-friendly terms were the norm until a few weeks ago. With the spread of the...more
COVID-19 continues to present novel challenges and disruptions to the merger and acquisitions market during this unprecedented time. New requirements for electronic filing during the COVID-19 outbreak under the Hart-Scott...more