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Borrowers Loan Forgiveness

Porter Hedges LLP

Real Estate Planning Tips: What is Cancellation of Indebtedness ("COD") Income?

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The commercial real estate market is in the process of adjusting to lower property valuations. Much recent focus has been on office buildings, and the fallout from enduring reductions in occupancy associated with remote and...more

Ballard Spahr LLP

Federal Judges Block Biden Student Loan Forgiveness Plan

Ballard Spahr LLP on

Two federal judges recently said that the Education Department lacked the power to reduce or cancel federal student loans under the SAVE program; an appeals court subsequently lifted the injunction in one case....more

Orrick, Herrington & Sutcliffe LLP

Biden announces student debt cancellation for borrowers who attended “predatory” institutions

On May 1, the Biden Administration announced the approval of $6.1 billion in student debt cancellation for 317,000 borrowers who attended a system of art schools, which the Administration accused of engaging in deceptive...more

Husch Blackwell LLP

PPP Loan Audits Could Affect Millions of Borrowers

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In March 2020 during the height of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law establishing, among other things, the Payment Protection Program (PPP) administered...more

Orrick, Herrington & Sutcliffe LLP

State AGs sue to block Biden's SAVE Plan for student loan forgiveness

On April 1, 10 state attorneys general filed a lawsuit in the U.S. District Court for the District of Kansas against President Biden, the Secretary of Education, and the Department of Education seeking to block the enactment...more

Buchalter

PPP Lender Liability, Enforcement, & Fintech Challenges

Buchalter on

The Paycheck Protection Program (“PPP”) emerged as a lifeline for small businesses grappling with the unprecedented challenges of the COVID-19 pandemic. Lenders navigated a landscape of regulations that Congress quickly...more

Health Care Compliance Association (HCCA)

CARES Act appeals: Key steps in addressing denials and repayments

With the onset of the COVID-19 pandemic, Congress initiated several programs to help businesses weather the difficult economic conditions. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided two of these...more

McDermott Will & Emery

SBA PPP Loan Concerns Linger for Small Businesses

McDermott Will & Emery on

Many small businesses continue to face uncertainty over whether the Small Business Administration (SBA) will grant forgiveness of their Paycheck Protection Program (PPP) loans. Despite the vast majority of small businesses...more

Husch Blackwell LLP

Federal Appeals Court Blocks Department of Education's New Borrower Defense to Repayment Rules

Husch Blackwell LLP on

On Monday, the U.S. Court of Appeals for the Fifth Circuit issued a nationwide injunction blocking the U.S. Department of Education (ED) from implementing its new borrower defense to repayment (BDR) rules. The BDR rules,...more

Orrick, Herrington & Sutcliffe LLP

CFPB scrutinizes discharged private student loan billing and collection practices

On March 16, the CFPB released a compliance bulletin discussing student loan servicers’ practice of collecting on private student loans discharged in bankruptcy. ...more

McDermott Will & Emery

PPP Loan Appeals, SBA Clawbacks and More: What You Need to Know

McDermott Will & Emery on

Last year, we published an article titled “What to Do if Your PPP Forgiveness Application Is Denied.” Today, we share some insights into the Paycheck Protection Program (PPP) and appeals process based on our representation of...more

Epstein Becker & Green

The Continued Importance of PPP Appeals

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A recent analysis of data released by the United States Small Business Administration (“SBA”) suggests that the vast majority of Paycheck Protection Program (“PPP”) loans extended to small businesses during the COVID-19...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 3, Issue 12

Student Loans - Supreme Court Likely to Rule that Biden Student Loan Plan is Illegal, Experts Say. Here’s What that Means for Borrowers - “Long before the president acted, Republicans had criticized student loan...more

Bond Schoeneck & King PLLC

Biden Administration’s Student Debt Relief Plan

Background on the Plan - The Biden Administration recently announced a Student Debt Relief Plan (Plan) that will provide one-time federal student loan debt relief to eligible borrowers. After multiple states and the...more

Ballard Spahr LLP

CFPB issues Student Loan Servicing Special Edition of Supervisory Highlights

Ballard Spahr LLP on

Last week, the CFPB issued a “Student Loan Servicing Special Edition” of Supervisory Highlights.  In this blog post, we highlight a stealth expansion of supervisory jurisdiction and focus on the CFPB’s findings in two key...more

Jenner & Block

Government Contracts Legal Round-Up | 2022 Issue 18

Jenner & Block on

Welcome to Jenner & Block’s Government Contracts Legal Round‑Up, a biweekly update on important government contracts developments. This update offers brief summaries of key developments for government contracts legal,...more

Faegre Drinker Biddle & Reath LLP

Student Loan Assistance From Employers

As recently announced, President Biden has authorized forgiveness of up to $10,000 for federal student loan borrowers and $20,000 to individuals who received Pell Grants....more

Cozen O'Connor

Multistate AG Coalition Urges Enhancement and Clarification of Federal Student Loan Rules and Processes

Cozen O'Connor on

In a letter to Secretary of Education Miguel Cardona and Analyst Jean-Didier Gaina, a coalition of AGs from nineteen states, the District of Columbia and the State of Hawaii Office of Consumer Protection submitted comments on...more

Epstein Becker & Green

Borrower/Lender Disagreements in PPP Loan Forgiveness Applications

Epstein Becker & Green on

As we wrote recently, the Paycheck Protection Program (“PPP”) was critical in helping small businesses stay afloat amidst the COVID-19 pandemic and resultant government restrictions on commerce. By now, most borrowers know...more

Cozen O'Connor

CFPB Sanctions Student Loan Servicer for Misleading Borrowers About Loan Forgiveness

Cozen O'Connor on

The CFPB sanctioned student loan servicing company Edfinancial Services, LLC for allegedly making deceptive statements and misrepresenting the eligibility of student loan borrowers for loan forgiveness under the Public...more

Goodwin

SEC Proposes Short Sale Disclosure Rule and Reopens Comment Period for Reporting on Securities Loans

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more

Schwabe, Williamson & Wyatt PC

The Lender’s Role in the PPP Loan Review Process - After the Economic Aid Act: An Updated Guide to the PPP Loan Forgiveness Review...

Updated February 24, 2022 - Update: On January 27, 2022, the Small Business Administration (“SBA”) issued SBA Procedural Notice 5000-82766, SBA Loan Reviews of Paycheck Protection Program Lender Partial Approval...more

McDermott Will & Emery

What to Do if Your PPP Forgiveness Application Is Denied

McDermott Will & Emery on

The Small Business Administration’s (SBA) public data indicates that more than 98% of the total Paycheck Protection Program (PPP) loan value requested to be forgiven by borrowers has been forgiven by the SBA (approximately...more

Bradley Arant Boult Cummings LLP

PPP Appeal Process Overview

In 2022, there will inevitably be an uptick in the number of appeals of Small Business Administration (SBA) loan decisions in the Paycheck Protection Program (PPP) context. This is due simply to the passage of time, to the...more

Bradley Arant Boult Cummings LLP

Interplay of the Cares Act's Forbearance Framework and Regulation X's Loss Mitigation Rules

On March 13, 2020, President Donald Trump declared a national emergency in response to the novel coronavirus disease (COVID-19). Shortly thereafter, to assist consumers impacted by the COVID-19 pandemic, Congress passed the...more

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