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SEC Changes the Game for Private Fund Advisers – Summarizing the New "Restricted Activities Rule" and the "Preferential Treatment...

In early 2022, the Securities and Exchange Commission (SEC) proposed a series of new rules and rule amendments aimed primarily at increasing transparency and protecting investors in private fund transactions. This August, the...more

The SAFE Banking Act: Financial Services for Marijuana and Hemp Businesses

I. Marijuana - Currently, 31 states plus the District of Columbia allow the recreational use of marijuana. In addition, 37 states and the District of Columbia currently allow marijuana to be used for medical purposes....more

Restaurant Revitalization Grant Program Provides Grants to a Wide Range of Eligible Entities

President Biden signed into law the American Rescue Plan Act of 2021 (ARP Act) on March 11, 2021. The $1.9 trillion economic recovery package revised the Paycheck Protection Program (PPP) and the Shuttered Venue Operator...more

PPP Deadline Extended, Preparing for Restaurant Revitalization Grants

PPP Deadline Extension - President Biden has signed legislation extending the Paycheck Protection Program (PPP) loan application filing deadline from March 31, 2021 to May 31, 2021. The legislation also gives the Small...more

American Rescue Plan Revises Paycheck Protection Program and Shuttered Venue Operator Grant Program, Establishes Restaurant...

On March 11, 2021, President Joseph Biden signed into law the American Rescue Plan Act of 2021 (ARP Act), a $1.9 trillion economic recovery package. This follows the recent adoption of the Consolidated Appropriations Act of...more

PPP Updates: Calculation of the Loan Amount and Use of Loan Proceeds for Individuals Who File IRS Form 1040, Schedule C and...

On March 3, 2021, the Small Business Administration (SBA), in conjunction with the U.S. Department of the Treasury, adopted an interim final rule (IFR) that: (1) allows individuals who file an IRS Form 1040, Schedule C to...more

Biden Administration Issues PPP Loan Revisions Focused on Small Businesses

On Monday, February 22, 2021, the Biden Administration announced changes to the Paycheck Protection Program (PPP) designed to assist small businesses in securing PPP loans. The PPP—which is scheduled to end on March 31,...more

SBA and U.S. Treasury Issue Interim Final Rule on Paycheck Protection Program Loan Forgiveness

On December 28, 2020, former President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the legislation (referred to herein as the Economic Aid Act) included revisions and additions to the...more

Lender Obligations Under the Revived Paycheck Protection Program

On December 28, 2020, former President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the Act included revisions and additions to the Paycheck Protection Program (PPP). The new PPP will: (1)...more

COVID-19 Relief Bill Creates Second Paycheck Protection Program

On December 28, 2020, President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the Act included revisions and additions to the Paycheck Protection Program (PPP). The new PPP will (1) accept...more

SBA Issues FAQ on Questionnaires for PPP Loans in Excess of $2 Million

In November 2020, the Small Business Administration (SBA) issued for comment two questionnaire forms, which would need to be provided by Paycheck Protection Program (PPP) lenders to PPP borrowers who, together with their...more

SEC Adopts Exempt Offering Rule Changes That Increase Offering Limits and Harmonize Exempt Offerings

The Securities and Exchange Commission (SEC) on November 2, 2020, adopted a set of amendments to simplify and improve the exempt offering framework. The amendments are designed to make it easier for issuers to access the...more

SBA Questionnaires Increase Scrutiny for PPP Loans Over $2M

The Small Business Administration (SBA) is seeking comments on two forms of questionnaires: Form 3509 (Loan Necessity Questionnaire for For-Profit Borrowers) and Form 3510 (Loan Necessity Questionnaire for Non-Profit...more

SBA Provides Guidance on Rules for M&A Transactions Involving PPP Loans

In a previous client alert, we had advised you of issues facing a purchaser of a business which had received a Paycheck Protection Plan (PPP) loan. PPP loans are Small Business Administration (SBA) Section 7(a) loans....more

New Interim PPP Rules Address Owner-Employee Compensation, Sub-Tenants, and Rent Payments to a Related Party

The Small Business Administration (SBA) and the U.S. Department of the Treasury issued a new interim Paycheck Protection Program (PPP) rule on August 24, 2020. The rule covers changes involving owner-employee compensation,...more

Community Banks and the COVID-19 Crisis: CBLR and CECL

Certain provisions of the CARES Act provided community banks breathing room while they worked to facilitate the badly needed economic recovery, including the following: - Temporarily reducing the Community Bank Leverage...more

PPP Loans and M&A Transactions: Considerations for Lenders and Buyers

Paycheck Protection Plan (PPP) loans are Small Business Administration (SBA) Section 7(a) loans. Consequently, they are subject to the same regulatory guidelines that generally apply to Section 7(a) loans....more

New Supplemental Guidance Issued for PPP Loan Program

On August 4, 2020, the Small Business Administration (SBA) and the U.S. Department of the Treasury released new FAQs to provide further guidance on Paycheck Protection Program (PPP) loan questions and supplement previously...more

Main Street Lending Program Expanded for Nonprofit Organizations

The Main Street Lending Program has been modified by the Federal Reserve Board (Board) to provide new access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations....more

SBA and Treasury Provide PPP Loan Forgiveness Applications

Last month, the U.S. Treasury and the Small Business Administration (SBA) released two Paycheck Protection Program (PPP) loan forgiveness applications. The first was a new EZ PPP loan forgiveness application with instructions...more

A Summary of PPP Updates, Including Early Filing of Forgiveness Application

The U.S. Treasury and the SBA released two Paycheck Protection Program (PPP) Interim Final Rules on June 17, 2020 and June 22, 2020. A summary of the key points of these rules follows below....more

Federal Reserve Expands Scope of Loan Options and Size of Eligible Businesses Under Main Street Lending Program

On June 8, 2020, the Federal Reserve Board (Board) announced an expansion of the scope and eligibility for its Main Street Lending Program. The Board also issued an updated FAQ for the program on June 9, 2020. Under the...more

Legislative Fix for PPP Loan Forgiveness Problems

The Small Business Administration (SBA) and the U.S. Department of the Treasury released an Interim Final Rule on Paycheck Protection Program (PPP) Loan Forgiveness and the PPP Loan Forgiveness Application....more

SBA Issues Interim Final Rule on PPP Loan Forgiveness

On May 22, 2020, the Small Business Administration (SBA) and the U.S. Department of the Treasury released an Interim Final Rule on Paycheck Protection Program (PPP) Loan Forgiveness (the "Loan Forgiveness Rule"). Although...more

SBA Releases PPP Loan Forgiveness Application

On May 15, 2020 the Small Business Administration (SBA) and the U.S. Department of the Treasury released a Paycheck Protection Program (PPP) Loan Forgiveness Application. Although the 11 page document clears up some issues,...more

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