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Federal Loans

Benesch

Engaging in Activities that Violate Federal Law? DOJ Scrutiny of PPP Loan Recipients Turns to Ancillary Companies Supporting the...

Benesch on

Since its inception, the cannabis industry has always existed alongside significant regulatory and compliance challenges. These largely stem from the fact that the manufacture, distribution and possession of marijuana remains...more

Brownstein Hyatt Farber Schreck

FHFA Asks for Input on FHLBanks

In May 2024, the Federal Housing Finance Agency (FHFA) published a Request for Input (RFI) titled “Federal Home Loan Bank Core Mission Activities and Mission Achievement” with comments due to the FHFA on July 15, 2024. This...more

Arnall Golden Gregory LLP

PPP Loan Prosecutions Appear to Be in the Technical Non-Compliance Phase

On March 27, 2020, the CARES Act was signed into law to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic, including in the form of forgivable loans to small...more

Cozen O'Connor

U.S. Department of Education Discharges Student Loans for Victims of Alleged Art Institutes Deceit

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Massachusetts AG Andrew Joy Campbell, Pennsylvania AG Michelle Henry, Iowa AG Brenna Bird, and the U.S. Department of Education (DOE) announced that the DOE approved $6.1 billion in automatic student loan relief for nearly...more

Bennett Jones LLP

Government of Canada Unveils Details Regarding New Federal Indigenous Loan Guarantee Program

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On April 16, 2024, the Canadian Government released the 2024 federal budget, including details on the much-anticipated federal Indigenous Loan Guarantee Program (ILG Program). First announced in the government's 2023 Fall...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

McDermott Will & Emery

The PPP Turns Four: Lessons Learned and What Lies Ahead

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Four years ago this month, lenders began dispersing Paycheck Protection Program (PPP) loans to small businesses in what would become the largest Small Business Administration (SBA) lending program in history. The SBA approved...more

Orrick, Herrington & Sutcliffe LLP

Complaint filed against the USDA alleging discriminatory loan practices

On March 29, the U.S. District Court for the District of Columbia received a complaint by two Black farmers, among others as part of a class action, alleging that the United States Department of Agriculture (USDA)...more

Lathrop GPM

Illinois Federal Court Grants Franchisor’s Motion to Dismiss Terminated Franchisee’s Fraudulent Misrepresentation and Breach of...

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A federal court in Illinois recently dismissed a former franchisee’s counterclaims for alleged fraudulent misrepresentation, breach of contract regarding the franchisor’s advertising fund, and breach of contract and implied...more

Harris Beach PLLC

False Claims Act Enforcement Highlights Need for Robust Compliance Programs

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The U.S. Department of Justice (“DOJ”) announced its False Claims Act (“FCA”) enforcement statistics for FY 2023 and identified key priorities for FCA enforcement in 2024 and beyond. The DOJ continues to pursue FCA...more

DarrowEverett LLP

Converting Office Space to Housing? There Are Incentives For That

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With housing availability at record lows in many communities across the U.S., including gateway cities such as New York, and commercial office space still not fully recovered from the COVID-19 pandemic, the federal government...more

Burr & Forman

The USDOJ Continues to Increase Its Fraud Enforcement Actions Related To COVID-19 Relief Benefits

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Fraud enforcement actions by the United States Department of Justice (USDOJ) continue to rise against companies and individuals related to their applications for and receipt of COVID-19 benefits. It appears that no type of...more

PilieroMazza PLLC

SBA’s New Lending Rules Improve Small Business Growth Opportunities

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On April 12, 2023, the U.S. Small Business Administration (SBA) published two new rules: (1) Small Business Lending Company (SBLC) Moratorium Rescission and Removal of the Requirement for a Loan Authorization (Moratorium...more

Orrick, Herrington & Sutcliffe LLP

SBA creates new SBLC category and ends moratorium

On April 12, the SBA published a final rule in the Federal Register lifting the moratorium on licensing new nondepository small business lending companies (SBLCs) and adding a new type of entity called a “Community Advantage...more

Nutter McClennen & Fish LLP

Nutter Bank Report: March 2023

President Recommends Regulatory Reforms to Address Recent Bank Failures - President Biden has issued a statement urging the federal banking agencies to adopt regulatory reforms that are meant to reduce the risk of future...more

Schwabe, Williamson & Wyatt PC

SBA Decision Not to Impose a Community Benefit Plan Requirement

On October 5, 2022, during the Tribal Consultation session in Washington, D.C., the Small Business Administration stated that it will not pursue its attempt to impose a Community Benefit Plan requirement on Alaska Native...more

Bass, Berry & Sims PLC

Government Announces First FCA Settlement with PPP Lender

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The Department of Justice (DOJ) announced on September 12, the first-ever False Claims Act (FCA) settlement with a Paycheck Protection Program (PPP) lender. Prosperity Bank, a Texas-based regional bank, agreed to pay...more

Bass, Berry & Sims PLC

SBA Enlarges Small Business Pool through New Rule Change

Bass, Berry & Sims PLC on

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

PilieroMazza PLLC

Fraud Allegations Could Bedevil Borrowers in SBA COVID-19 Relief Programs for Many Years

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As everyone who has been tracking the COVID-19 relief programs since 2020 knows, at the outset there was massive confusion about the programs’ requirements as well as fear that funding could run out before businesses with...more

Arnall Golden Gregory LLP

What We Can Learn From Recent PPP Loan and COVID Fraud Cases

Since April 2020, through the CARES Act, the government has provided billions of dollars in emergency financial assistance to Americans suffering from the economic effects caused by the COVID-19 pandemic, including through...more

PilieroMazza PLLC

PPP Loan Fall-Out: Expect More Audits and Investigations

PilieroMazza PLLC on

Unfortunately, the PPP Loan fall-out is far from over.  As we noted in the last blog on PPP issues, we are seeing a number of PPP Forgiveness denials for a number of different reasons, and, along with that, we are seeing the...more

PilieroMazza PLLC

SBA Awards $1.1 Million to Support Native American-Owned Small Businesses

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Isabella Casillas Guzman of the U.S. Small Business Administration (SBA) announced on December 15, 2021, that SBA’s Office of Native American Affairs awarded $1.1 million in grants and contracts to seven entities which will...more

WilmerHale

The UK Government’s Bounce Back Loan Scheme - are there lessons to be learned?

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The UK’s National Audit Office (the “NAO”) has reported that an estimated 11% - a total of £4.9 billion out of £47 billion issued - of the 1.5 million loans granted under the Government’s COVID-19 Bounce Back Loan Scheme (the...more

Wiley Rein LLP

PPP Recipients Beware – Your Loan Forgiveness May Be a Credit Due Back to Government

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One of most significant aspects of the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was the “Paycheck Protection Program” (PPP). PPP, administered by the Small Business Administration (SBA), authorized...more

Robins Kaplan LLP

Financial Daily Dose 9.29.2021 | Top Story: Surging Bond Yields Send Markets Plummeting

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Markets continued what’s been a dismal end of September with their worst performance in months on Tuesday, with the three major indices averaging a 2% drop as Treasury bond yields rose over concerns about Fed tapering and the...more

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