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Silicon Valley Bank: Preparing for Monday

Just before noon on Friday March 10, 2023, Silicon Valley Bank (SVB) was shut down by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) was named as the...more

Silicon Valley Bank: Recent Developments

We have received a number of inquiries from clients regarding Silicon Valley Bank’s (SVB) recent shut down by the California Department of Financial Protection and Innovation and the FDIC being named as the receiver. This is...more

What Is a Sustainability-Linked Loan, and Should My Company Get One?

Under pressure from shareholder groups, investors and customers, you might already have “green initiatives” in your business plan, and you probably have already identified risks related to climate change and other social and...more

New SBA Guidance on Change in Ownership by PPP Borrowers

On October 2, 2020, the U.S. Small Business Administration (“SBA”) released new guidance on when SBA consent is required in connection with a change in ownership of an entity that has received Paycheck Protection Program...more

MSLP Nonprofit Organization Loan Facilities

On September 4, 2020, the Board of Governors of the Federal Reserve System (the “Fed”) announced that the Main Street Lending Program (MSLP) is now accepting eligible loans to nonprofit organizations from registered lenders...more

PPP Loan Forgiveness Guidance

On August 4, 2020, the U.S. Small Business Administration (SBA) issued New PPP Loan Forgiveness FAQs. These FAQs, together with previously released guidance and forgiveness applications and instructions, provide an outline...more

Main Street Lending Facilities under the CARES Act - Update #2

On June 8, 2020, the Board of Governors of the Federal Reserve System (the “Fed”) released improvements favorable to borrowers for its three lending programs (the “Main Street Facilities”) under the Coronavirus Aid, Relief...more

Paycheck Protection Program Flexibility Act – Updates to the PPP

On June 5, 2020, the President signed the Paycheck Protection Flexibility Act of 2020 (the “Act”), which modifies certain provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) enacted on March...more

Main Street Lending Facilities under the CARES Act - Update

On April 30, 2020, the Board of Governors of the Federal Reserve System (the “Fed”) released further details regarding three lending programs (the “Main Street Facilities”) under the Coronavirus Aid, Relief and Economic...more

New Federal COVID-19 Small Business Relief: More CARES Act Funding and Updated Eligibility Guidance

On April 23, 2020, Congress passed the Paycheck Protection Program and Health Care Enhancement Act (the “Act”), which provides approximately $484 billion in relief in addition to the Coronavirus Aid, Relief and Economic...more

Main Street Lending Facilities under the CARES Act

On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Fed”) released details regarding two lending programs (the “Main Street Facilities”) under the Coronavirus Aid, Relief and Economic Security Act...more

The U.S. Small Business Administration Releases Paycheck Protection Program Interim Regulations

On April 2, 2020, the U.S. Small Business Administration (the “SBA”) issued a new interim final rule that provides implementation guidelines for interpreting its Paycheck Protection Program (“PPP”). As discussed in our main...more

COVID-19 Relief Loans for Small Businesses - Updated

Small businesses adversely affected by COVID-19 may apply for special loans provided or guaranteed by the U.S. government. The program provided $349 billion available for two types of loans, both of which are now available...more

CARES Act Title IV Loans to Large and Midsize Businesses

In addition to the loans being made under the CARES Act to small businesses (typically with fewer than 500 employees), Title IV Subtitle A of the Act also provides nearly $500 billion in senior loans and guarantees to larger...more

A Borrower’s Response to COVID-19

What should a borrower be doing about its credit facility as a result of shut-downs and loss of revenues from the COVID-19 disruptions? The borrower’s primary concern is to ensure sufficient liquidity, particularly if the...more

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