On July 6, 2020, the Federal Reserve Bank of Boston announced that the Main Street Lending Program is now fully operational. This means that lenders who registered for the program can administer, and borrowers can apply for,...more
On July 4, 2020, President Trump signed into law a bill extending the deadline for small businesses to apply for a Paycheck Protection Program (PPP) loan to August 8, 2020. The original deadline to apply for a PPP loan had...more
On June 11th and 12th, the Treasury Department and the Small Business Administration (SBA) unveiled consecutive days of revisions to the first interim final rule for the Paycheck Protection Program (PPP) as well as revised...more
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”). The Flexibility Act amends key provisions of the Paycheck Protection Program (“PPP”)...more
The Paycheck Protection Program (PPP) requires borrowers to certify that “[t]he applicant (1) is an independent contractor, eligible self-employed individual, or sole proprietor; or (2) employs no more than the greater of 500...more
Since its inception, borrowers of loans under the Paycheck Protection Program (PPP) have been troubled by the required certification that “[c]urrent economic uncertainty makes this loan request necessary to support the...more
On May 1, 2020, the United States Bankruptcy Court for the District of New Mexico ruled in favor of the Roman Catholic Church of the Archdiocese of Santa Fe (Archdiocese) granting a temporary injunction against the Small...more
On April 23, 2020, the SBA by way of FAQ #31, provided meaningful direction concerning the PPP loan certification as to “necessity.” The SBA clarified that PPP “borrowers must make this certification in good faith, taking...more
With lenders telling landlords to work with their tenants through the state-wide shutdown of businesses, and many tenants demanding rental relief, landlords should consider the following before amending:
Tenant’s...more
On April 2, 2020, the Treasury Department and Small Business Administration (SBA) unveiled an interim final rule for the Payroll Protection Program (PPP) and a revised application form.
The terms of the loans have changed to...more