News & Analysis as of

Eligibility Federal Loans

Bass, Berry & Sims PLC

SBA Enlarges Small Business Pool through New Rule Change

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On June 6, the U.S. Small Business Administration (SBA) issued a final rule modifying its methodology for calculating the size of small businesses using an employee-based size standard and authorizes businesses participating...more

Tarter Krinsky & Drogin LLP

Law Brief: CARES Act Relief for Small Businesses

COVID-19 team members Eli Rudolph and Simon Malinowski join Litigation Partner and host Rich Schoenstein to discuss the Coronavirus Aid, Relief and Economic Security Act’s (CARES Act) Relief for Small Businesses. Our COVID-19...more

Morgan Lewis

Navigating PPP Loans In M&A Transactions (UPDATED)

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act, among other economic stimulus measures, provides targeted relief to small businesses through its Paycheck Protection Program (PPP). The PPP and other government...more

Pullman & Comley, LLC

Federal Reserve Board Expands Main Street Lending Program to Provide Loans for Non-Profit Organizations

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On July 17, 2020, the U.S. Federal Reserve Board expanded the Main Street Lending Program to provide access to loans for eligible nonprofit organizations.  Previously, nonprofit organizations were not eligible to participate...more

Hicks Johnson

Guidance for MSLP Lenders: How to Minimize Litigation Exposure

Hicks Johnson on

While the Main Street Lending Program (“MSLP”) was designed to ameliorate economic harm caused by the COVID-19 pandemic, it leaves lenders open to possible litigation exposure if borrowers fail to satisfy their obligations....more

Akerman LLP

PPP Ineligible Business Types: Constantly Changing Guidelines Leave Many Small Businesses Confused

Akerman LLP on

Small businesses have experienced a great deal of confusion as they try to determine their eligibility for a Paycheck Protection Program (PPP) loan under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)....more

Morgan Lewis

Debtors Need Not Apply? Continuing Developments on the SBA’s Authority to Deny PPP Loans to Debtor Applicants

Morgan Lewis on

The Small Business Administration on April 24 issued an update to an interim final rule, crystalizing its view that applicants that have sought protection under the US Bankruptcy Code are not qualified borrowers under the...more

Morgan Lewis

CARES Act: Paycheck Protection Program Provides Small Business Loans to Support Employees (UPDATED)

Morgan Lewis on

The CARES Act’s Paycheck Protection Program provides loans targeted to small businesses to help keep their workers employed during the coronavirus (COVID-19) pandemic, and offers loan forgiveness to borrowers maintaining a...more

Rosenberg Martin Greenberg LLP

My Business Is In Bankruptcy: Can It Get A PPP Loan Or Not?

In response to the COVID-19 pandemic, Congress enacted a Paycheck Protection Program (“PPP”) under which businesses adversely impacted by the pandemic may obtain loans from the Small Business Administration (“SBA”) and use...more

Epstein Becker & Green

No Quarter for PPP Lenders

Much ink has been spilled in recent weeks about how some recipients of Paycheck Protection Program (“PPP”) relief obtained their loans through mistakes or false pretenses. ...more

Morgan Lewis

Navigating PPP Loans In M&A Transactions

Morgan Lewis on

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, among other economic stimulus measures, provides targeted relief to small businesses through its Paycheck Protection Program (PPP). The PPP and other government...more

Downs Rachlin Martin PLLC

House Votes to Ease Paycheck Protection Program Restrictions

Earlier today, voting by proxy, the House voted 417-1 to approve legislation known as the Paycheck Protection Program Flexibility Act, giving small business owners greater flexibility to spend their PPP loan proceeds and...more

Morgan Lewis

Federal Appeals Court Affirms Injunction Against SBA Imposition of PPP Eligibility Requirements

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As the Small Business Administration grafts preexisting eligibility rules atop the Paycheck Protection Program, courts step in to expand access. ...more

Littler

Agencies Issue New Interim Final Rules on PPP Loan Forgiveness and Loan Review Process

Littler on

On May 22, 2020, the SBA and Department of the Treasury issued two Interim Final Rules implementing the Paycheck Protection Program (PPP) provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The...more

White & Case LLP

Federal Reserve Releases New Details About TALF 2.0

White & Case LLP on

In response to the economic consequences of the measures being taken to contain the spread of the novel coronavirus (COVID-19), the Board of Governors of the Federal Reserve System (the "Federal Reserve") revived the Term...more

Neal, Gerber & Eisenberg LLP

Interim Final Rule on Inclusion of Foreign Employees in Determining PPP Eligibility and Related Safe Harbor

The U.S. Small Business Administration (SBA) recently issued an Interim Final Rule that confirms that when calculating the number of employees of an entity for purposes of determining eligibility for a PPP loan, an entity...more

Burr & Forman

Michigan Court Grants Injunctive Relief Against SBA Regarding Ineligibility Criteria for Loans to Small Businesses

Burr & Forman on

In March 2020, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to provide financial relief to individuals and organizations impacted by the Coronavirus pandemic. As a...more

Cozen O'Connor

Companies Receiving PPP Funds Should Prepare for Audits, and Implement Compliance Now

Cozen O'Connor on

Treasury Secretary Steven Mnuchin issued a warning on the heels of the second funding of the federal Payroll Protection Program (PPP) that large or public companies will be audited if they received a loan under the program....more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: These Are Not the Droids You’re Looking For: The “Wrong” Type of PPP Borrowers May Need to Repay Their Loans or...

On this May the Fourth (Be With You), many Paycheck Protection Program (“PPP”) borrowers may be grappling with a difficult question: At the time of loan application, was the company the type of borrower the Small Business...more

Farrell Fritz, P.C.

SBA Sets $20 Million Cap for Loans to a Single Corporate Group

Farrell Fritz, P.C. on

The SBA yesterday supplemented the interim final rules by limiting the amount of PPP loans that any single corporate group may receive....more

Rosenberg Martin Greenberg LLP

Reinforcing Compliance for the Paycheck Protection Program: What Recent Public and Political Developments Mean for Loan Recipients

Takeaway:  Recently implemented rules, public statements of government officials, and the return of funds by some should not compel most businesses to change course; however, recipients of funds from the Paycheck Protection...more

White & Case LLP

COVID-19: Hong Kong Government Financial Assistance Measures

White & Case LLP on

In response to the challenges arising from the novel coronavirus (“COVID-19”) pandemic, the Hong Kong Government (the “Government”) has introduced financing support, tax and other temporary relief measures intended to help...more

Downs Rachlin Martin PLLC

SBA Extends Eligibility and Safe Harbor Guidance to Private Companies

Prompted by the public clamor surrounding the participation of large, publicly traded and deeply capitalized companies in the Paycheck Protection Program (“PPP”), on April 23, 2020, the Small Business Administration (“SBA”)...more

Morgan Lewis

CARES Act National Security Loans Available to a Limited Number of Defense Contractors

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The US Department of the Treasury recently began accepting loan applications from qualifying Defense Industrial Base contractors, with a short deadline of May 1, 2020, to submit the application for expedited review....more

PilieroMazza PLLC

[Webinar] The Paycheck Protection Program: SBA's John Klein and Sam Le Answer Your Questions in a Live Town Hall - May 4th, 2:00...

PilieroMazza PLLC on

With the government’s second round of funding relief for small businesses underway through SBA’s Paycheck Protection Program, small businesses have legitimate concerns about not receiving much-needed funding. How can you be...more

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