The SBA recently issued its Procedural Notice on when a lender may request the SBA to honor its guaranty of a PPP loan. The PPP loan program has been in place for over a year and has provided billions of dollars of assistance...more
7/22/2021
/ Banking Sector ,
Change of Control ,
Charge-Off ,
Commercial Bankruptcy ,
Government-Guaranteed Loans ,
Lenders ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Proof of Claims ,
SBA ,
SBA Lending Programs
Lenders often include fees in loan transactions in addition to an interest rate. Typically such fees are not considered interest, as they compensate the lender for various services or commitments provided under the loan...more
Bankruptcy law has seen many changes in 2020 and 2021. Some of these were enacted in response to COVID, but many other changes were included in the Bankruptcy Code before the pandemic. This article highlights some of these...more
4/5/2021
/ Bankruptcy Code ,
CARES Act ,
Commercial Bankruptcy ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Landlords ,
Lenders ,
Relief Measures ,
Small Business ,
Small Business Reorganization Act of 2019 (SBRA) ,
Suppliers
In June and December of 2020, Miller Canfield reported that the Fifth and Eleventh Circuits had held that the Small Business Administration ("SBA") may exclude debtors in bankruptcy from consideration for Paycheck Protection...more
1/18/2021
/ CARES Act ,
Commercial Bankruptcy ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Debtors ,
Interim Final Rules (IFR) ,
Lenders ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
In June of 2020, Miller Canfield reported that the Fifth Circuit held that a Texas bankruptcy court had exceeded its authority when it ordered the SBA Administrator to make a Paycheck Protection Program (PPP) loan available...more
When a loan becomes distressed, it is essential for the secured lender to conduct a file review to determine if there are any deficiencies that need to be addressed. If deficiencies are not addressed, the lender’s collateral...more
Some states feature statutes of frauds that protect lenders, but not all such statutes of frauds protect all lenders, and some offer more protection than others. Just as critically, many people now communicate predominantly...more
In a prior practice pointer, we discussed the importance of reservation of rights letters. However, there are times when a lender will want to start enforcing one or more rights or remedies....more