News & Analysis as of

Eligibility Determination Federal Loans Relief Measures

Proskauer Rose LLP

SBA Expands COVID Disaster Loans

Proskauer Rose LLP on

Effective September 8, 2021, the U.S. Small Business Administration (“SBA”) significantly expanded the ability of small businesses to apply for low-interest loans through the revised COVID Economic Injury Disaster Loan...more

Carlton Fields

Update on the Reserve Board's Main Street Program: Moves to Assist Larger Businesses

Carlton Fields on

A few weeks ago, we commented on the Federal Reserve’s newly unveiled Main Street Lending Program. We noted that the $600 billion lending effort was for businesses with up to 10,000 employees and up to $2.5 billion in 2019...more

Pierce Atwood LLP

COVID-19: PPP Loans – Economic Need Determinations

Pierce Atwood LLP on

***Update*** On April 28, Treasury Secretary Steven Mnuchin announced that the SBA will do a full review of any loan more than $2,000,000 under the PPP program. He also warned of criminal liability for borrowers who...more

Stinson - Corporate & Securities Law Blog

Reconsidering PPP Eligibility – Should Public Companies and Financially Strong Borrowers Repay PPP Loans?

A number of public companies applied for and received potentially forgivable loans under the Paycheck Protection Program (PPP). To be eligible for a PPP loan a borrower does not need to demonstrate that it is unable to obtain...more

Mayer Brown

Clear as Mud: SBA Offers Further Clarification to PPP Eligibility

Mayer Brown on

In FAQ #31 posted on April 23, 2020, the US Small Business Administration offered the following clarification (italics added): 31. Question: Do businesses owned by large companies with adequate sources of liquidity to...more

Dechert LLP

COVID-19 Coronavirus Business Impact: Care To Elaborate? – Interpretive Issues Under The CARES Act Compensation Limits

Dechert LLP on

Companies receiving assistance under Title IV of the Coronavirus Aid Relief and Economic Security Act will be required to limit compensation payable to certain highly paid officers and employees. In general: - Officers and...more

Stinson LLP

COVID-19 Relief for Middle Market Companies: The Federal Reserve's Main Street Lending Program under the CARES Act

Stinson LLP on

With lending now underway under the well-known Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) aimed at providing COVID-19 relief to small and medium...more

Morgan Lewis

CARES Act: Treasury Identifies Businesses ‘Critical to Maintaining National Security’

Morgan Lewis on

The US Department of the Treasury on April 10 released updated criteria outlining which businesses are eligible to apply for CARES Act loans out of the $17 billion allocated for businesses “critical to maintaining national...more

Franczek P.C.

SBA Issues New FAQs regarding the Paycheck Protection Program

Franczek P.C. on

To clear up some uncertainty in the language of the CARES Act’s Payroll Protection Program (“PPP”) and the subsequent interim final rules, the Small Business Administration (“SBA”) issued Frequently Asked Questions (“FAQs”)...more

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