Control of a Set-aside Entity
On May 11, 2023, the United States Small Business Administration will eliminate the SBA Franchise Directory, a move that may impact evaluation of franchise loans by some lenders. The change comes from the SBA’s revision of...more
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
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
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
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
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
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
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
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
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
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
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
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
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
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
If you are applying for relief under the Paycheck Protection Program of the CARES Act, it will be important to analyze whether your company may be considered an affiliate of another company. If your company is found to be an...more
On Friday, March 27, 2020, President Donald J. Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which among other COVID-19 relief items, provides $349 billion in Paycheck...more
The SBA has issued a long-awaited guidance on the affiliation rules applicable to the Paycheck Protection Program. This guidance acts to summarize, clarify, and in some cases, modify, the rules in effect for the SBA’s 7a loan...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which became law on March 27, 2020, offers potential relief for federal contractors whose employees (1) cannot perform work on a site that has been...more
On March 23, 2020, the Securities and Exchange Commission released an order (the “Order”) relaxing interfund lending rules for open-end funds impacted by recent market events associated with the pandemic outbreak of COVID-19....more