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Affiliates Coronavirus/COVID-19

Fox Rothschild LLP

Subchapter V Eligibility: Congress Fixes CARES Act Provision That Excluded Affiliates of Issuers But Ignores Potential Eligibility...

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On February 19, 2020, the Small Business Reorganization Act (the “SBRA”) became effective and created a new subchapter V to chapter 11 of the Bankruptcy Code. As we have reported, subchapter V presents a new avenue for small...more

Holland & Knight LLP

Religious Institutions Update: February 2022

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Religious Exemption to States' Mandatory Vaccination Statute Not Necessary In Does 1-6 v. Mills, No. 1:21-cv-00242, 2021 WL 4783626 (D. Me. Oct. 13, 2021), the court denied injunctive relief to plaintiff healthcare workers...more

Holland & Knight LLP

Safer Federal Workforce Task Force Issues Updated FAQs on COVID-19 Vaccine Mandate

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The Safer Federal Workforce Task Force released updated Frequently Asked Questions (FAQs) for Federal Contractors on Nov. 1, 2021, regarding its COVID-19 Workplace Safety: Guidance for Federal Contractors and Subcontractors...more

Burr & Forman

Safer Federal Workforce Task Force Issues Additional Guidance on COVID-19 Safety Protocols for Federal Contractors

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On November 1, 2021, the Safer Federal Workforce Task Force issued additional guidance for federal contractors with respect to vaccine mandates and other COVID-19 safety protocols. The new guidance is available on the Safer...more

Benesch

The SBA Releases Two PPP Liquidity Questionnaires

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As you may remember from a previous bulletin, the SBA has stated that it will audit all PPP borrowers, who together with a borrower’s “Affiliates” (as determined pursuant to SBA regulations), received PPP loans in excess of...more

Morgan Lewis

California Could See Regulatory Scrutiny of Post-COVID-19 Healthcare Transactions

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If a proposed bill by the California Senate is passed, parties to certain post-pandemic healthcare transactions involving private equity groups, hedge funds, healthcare systems, facilities, and provider groups would need to...more

Mayer Brown

U.S. Federal Reserve Expands and Provides Additional Details on Main Street Lending Program for Small and Mid-Sized Businesses

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On April 30, 2020, the Federal Reserve Board announced expanded loan offerings and terms for the forthcoming Main Street Lending Program. Among other changes, Main Street is now open to larger businesses with up to 15,000...more

Foodman CPAs & Advisors

The Paycheck Protection Program and the Affiliation Rules

Under the Paycheck Protection Program (PPP), there are four tests that apply for affiliation based on control.  The Applicant, under the PPP, will be considered together with its affiliates for the purpose of determining the...more

Seyfarth Shaw LLP

Update: Paycheck Protection Program and Health Care Enhancement Act Increases Funds Available to Hospitals and Health Care...

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On April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act was signed into law, appropriating $75 billion for hospitals and other eligible health care providers for health care related expenses or lost...more

McAfee & Taft

Paycheck Protection Program eligibility issues for healthcare providers

McAfee & Taft on

Healthcare providers are encountering a number of issues in determining whether or not they qualify for the SBA Paycheck Protection Program. Some of the issues include the following: Public hospitals - In its Interim...more

Farella Braun + Martel LLP

Paycheck Protection Program Eligibility for Private Equity and Venture Capital-Backed Entities

Congress’ recently enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act) created a new small business lending program to provide a direct incentive for small businesses to keep their workers on their payroll...more

Chambliss, Bahner & Stophel, P.C.

Small Business Financial Relief Through the Paycheck Protection Program

The CARES Act provides $350 billion to the Paycheck Protection Program to allow the Small Business Administration (SBA) to guarantee 100% loans (with interest rates not to exceed 4%) made by local SBA preferred lenders to...more

Perkins Coie

Business Immigration Considerations During the COVID-19 Pandemic

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Companies affected by COVID-19 must carefully consider immigration implications for all foreign national and expat employees, including issues of immigration compliance. Those businesses with employees working in the United...more

Harris Beach PLLC

Integrity and Oversight Processes in CARES Act Warrant Careful Review

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The COVID-19 crisis has spurred unprecedented government action on multiple fronts, including the passage of the Coronavirus Aid, Relief, and Economic Security legislation (the “CARES Act”). The legislation is...more

Goulston & Storrs PC

Who’s Counting? A Closer Look at SBA Affiliation Rules and Size Standards Under the CARES Act

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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

BCLP

PPP: Affiliation Guidelines

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In determining eligibility under the Paycheck Protection Program, the SBA will aggregate “affiliates” of the borrower. This post further explores what the SBA considers “affiliate” of the borrower, based on the latest...more

Pillsbury Winthrop Shaw Pittman LLP

CARES Act and FFCRA Revenue Stream Options for Nonprofit Organizations

Depending on size and tax-exemption status, nonprofit organizations may be eligible for federal relief. Nonprofit organizations can qualify for financial relief under certain provisions of the CARES Act, which is designed to...more

Buchalter

Buchalter Client Alert COVID 19: Treasury Department Releases Answers to the Paycheck Protection Program Loans Frequently Asked...

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The Treasury Department has recently published the Paycheck Protection Program Loans Frequently Asked Questions (PPP FAQs). The Treasury Department’s publication provides businesses and lenders desperate guidance related to...more

ArentFox Schiff

No Change To PPP for Dealers Submitting with Franchise Identifier Codes

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The SBA has released additional guidance regarding the application of certain affiliate rules applicable to the PPP. Any dealership with 500 or fewer employees is eligible to apply for a PPP loan. However, even if you are a...more

Foley Hoag LLP

The U.S. Small Business Administration Releases Additional Paycheck Protection Guidance

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On April 6, 2020, the U.S. Small Business Administration (the “SBA”), in consultation with the Department of Treasury, issued a frequently asked questions page (the “FAQs”) as additional guidance on the implementation...more

Rosenberg Martin Greenberg LLP

The Paycheck Protection Program: Are Employees of Affiliated Entities Included in the Total Number of Employees?

It seems the business world is abuzz with information, and misinformation, about the Small Business Administration’s (the “SBA”) Paycheck Protection Program (the “PPP”) and its loan forgiveness provisions. Although lenders...more

Mitchell, Williams, Selig, Gates & Woodyard,...

State and Local Government Assistance from the CARES Act

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) provides an estimated $2 trillion stimulus package to assist individuals, small and medium-sized business as well as state and local governments during the...more

McGuireWoods LLP

Payroll Protection Loans Eligibility: Maximum Employee Requirement and Affiliation Rules

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The Paycheck Protection Program established under the CARES Act provides eligible businesses — including for-profit business concerns, 501(c)(3) nonprofits, 5019(c)(19) veterans organizations and Tribal concerns (collectively...more

Kilpatrick

SEC Temporarily Permits Affiliated Purchases of Debt Securities From Mutual Funds

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Section 17(a) of the Investment Company Act of 1940, as amended (the “40 Act”) prohibits certain transactions between an investment company and their affiliated persons, including transactions where an affiliated person...more

Williams Mullen

New SBA Affiliation Guidance Provides No Relief to Startups and Portfolio Companies

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In our prior alert, we summarized the potential adverse impact of the Small Business Administration’s (SBA) affiliation rules on the eligibility of startups and portfolio companies to participate in the enhanced Economic...more

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