In this ongoing article series with Citybiz, members of the Goulston & Storrs Commercial Real Estate Workouts Group keep you up to date on the current and emerging issues related to workouts and the Commercial Real Estate...more
Following the turmoil of the Great Recession, the commercial real estate (CRE) industry generally benefitted from favorable financing conditions for more than a decade. An ocean of available capital and low interest rates...more
This alert provides information for borrowers with loans from Silicon Valley Bank (“SVB”) or Signature Bank (“Signature”) based on information available from the FDIC and our clients’ experiences over the last few days. We...more
3/14/2023
/ Borrowers ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
Enforcement Actions ,
FDIC ,
Financial Institutions ,
Insolvency ,
Loans ,
Receivership ,
Silicon Valley
On Friday, March 10th, at the request of the California Department of Financial Protection & Innovation, the FDIC was appointed as receiver of Silicon Valley Bank (SVB). To protect insured depositors, the FDIC created the...more
PPP UPDATE – PPP Flexibility Act Reduces Amount Required to be Spent on Payroll; Expands Time Period for Forgiveness and Rehiring Employees; Permits Forgiveness Recipients to Defer Payroll Taxes...more
There have been a few updates on the Main Street Lending Program, and when it could begin operating.
...more
Executive Summary -
On April 30, the Federal Reserve Board (Fed) announced revisions to the scope and eligibility requirements for the Main Street Lending Program (the MSLP or Program) in response to over 2,200 comment...more
The CARES Act limits eligibility for Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) to borrowers with 500 or fewer employees or those who would otherwise qualify under the existing definition of a...more
The U.S. Small Business Administration (SBA) is authorized to guarantee up to $349 billion in loans to eligible borrowers through the Paycheck Protection Program (PPP). As detailed below, these loans are then forgiven after...more
4/7/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief