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New COVID-19 Relief Bill Adds PPP ‘Second Draw’ Loans and Modifications to Original PPP

On December 27, the Consolidated Appropriations Act of 2021 (the “Act”) was signed into law. This Act makes available $284 billion for second draw loans under the Paycheck Protection Program (“PPP-2”) and also makes important...more

New Oregon Law Imposes Moratorium on Foreclosures and Notice Requirements on Lenders

Oregon lawmakers held a three-day special legislative session in June during which they tackled, among other issues, legislation aimed at relief for both consumers and businesses impacted financially by the COVID-19 crisis....more

SBA Publishes PPP Flexibility Loan Forgiveness Interim Final Rule and Updated Applications

On June 19, the Small Business Administration (SBA) published an update to its Interim Final Rules (New IFR) to reflect changes to the Paycheck Protection Program (PPP) put in place under the new Paycheck Protection Program...more

Congress Adds More Flexibility to Paycheck Protection Program

On June 3, the United States Senate passed the “Paycheck Protection Program Flexibility Act” (Act), which is designed to create additional flexibility for borrowers under the terms of the Paycheck Protection Program (PPP). ...more

SBA Publishes Loan Forgiveness Interim Final Rule

On May 22, the Small Business Administration (SBA) published its long-awaited Interim Final Rule regarding loan forgiveness requirements (IFR) for the Paycheck Protection Program (PPP). The new IFR confirms several key terms...more

SBA Publishes Loan Forgiveness Application for Paycheck Protection Program

On May 15, the Small Business Administration (SBA) published its long-awaited Loan Forgiveness Application and Instructions for Borrowers (Application). The Application clarified certain forgiveness rules and calculations for...more

Federal Reserve Expands Main Street Lending Program; New Affiliate Rules May Impact Some Borrowers

On April 30, the U.S. Federal Reserve provided updated terms for the $600 billion Main Street Lending Program (Main Street Program), which will now operate through three facilities: the Main Street New Loan Facility (MSNLF),...more

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