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Financial Stimulus Lenders

K&L Gates LLP

Up Next: Lenders May Be the Next Government Focus for PPP Fraud

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INTRODUCTION - On 24 January 2023, the Board of Governors of the Federal Reserve System (the FRB) announced it entered into a consent order (Consent Order) with a member bank imposing an approximately US$2.3 million civil...more

Arnall Golden Gregory LLP

Why Almost Anyone - Borrowers, Lenders, Landlords, Tenants, Vendors and Others - Should Care About Recent Amendments to the...

On December 27, 2020, the Consolidated Appropriation Act (“CAA”) was signed into law. The CAA amends the Bankruptcy Code in several significant respects. Most of the amendments expire in either one or two years unless they...more

Tucker Arensberg, P.C.

Interim Final Rules and Application Released for Second Draw PPP Loans

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On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) (Pub. L. 116-260) into law to provide continued assistance to individuals and...more

Lowenstein Sandler LLP

Paycheck Protection Program (PPP) Information Sheet: Nonprofit Borrowers

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The following information has been adapted from the Small Business Administration’s (SBA) Paycheck Protection Program Borrower Information Fact Sheet to provide information tailored for nonprofits. This document is for...more

Troutman Pepper

How to Navigate the After Effects of the U.S. Stimulus Packages

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Your company received stimulus funding, what do you need to know now? Join us for an update on the Paycheck Protection Program and other funding packages as well as a discussion of what you need to know to stay compliant and...more

Skadden, Arps, Slate, Meagher & Flom LLP

Enforcement Risks and the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, which was signed into law on March 27, 2020, provided for the establishment and expansion of a range of economic assistance programs designed to help...more

Hinshaw & Culbertson LLP

Federal Reserve Board Expands Scope and Eligibility of Main Street Lending Program

On April 30, 2020 the Federal Reserve Board (the "Board") announced an expansion of the scope and eligibility for its Main Street Lending Program. Under the three Facilities—the Main Street New Loan Facility (the "New...more

Dechert LLP

Summary of the Federal Reserve Main Street Lending Program

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The Federal Reserve Bank (the “Fed”) and the U.S. Department of the Treasury (the “Treasury”) announced preliminary details for the Main Street Lending Program (the “MSLP”) on April 9, 2020. Additional details and guidance as...more

Bradley Arant Boult Cummings LLP

Federal Reserve Expands Scope of Main Street Lending Program and Announces New Details

On April 30, the Federal Reserve announced substantial changes to the initial terms of its Main Street Lending Program originally released on April 9, 2020: After receiving over 2,200 comment letters and consulting with...more

Bass, Berry & Sims PLC

Navigating the New Normal: Credit Facility Considerations for Borrowers

By now, many businesses have weathered the initial operational changes required nationwide as a result of shelter in place orders, approached landlords and other vendors for initial concessions, and applied for and obtained...more

Cohen & Gresser LLP

Paycheck Protection Program: Meeting the Good Faith Need Standard

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On April 24, 2020, the Paycheck Protection Program and Healthcare Enhancement Act was signed into law, providing an additional $310 billion in funding for the Paycheck Protection Program, which commenced under the original...more

Goodwin

Financial Services Weekly Roundup: April (Liquidity) Showers Bring May Borrower Protection

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In this Issue: Senate Votes to Expand Paycheck Protection Program; FHFA (Finally) Addresses Liquidity Concerns for Mortgage Servicers. Yesterday, the U.S. Senate unanimously passed legislation providing $484 billion in...more

Lowenstein Sandler LLP

The Issues with the Main Street Lending Program

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In the weeks since the Federal Reserve Board provided term sheets for two “Main Street” loan facilities (see also our prior Client Alert, “Federal Reserve-Initial Launch, Main Street Loan Facilities”), many of our clients as...more

Seyfarth Shaw LLP

Seyfarth Policy Matters Newsletter - April 2020 #3

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Congress Replenishes Paycheck Protection Program (PPP) Through its Phase Four Coronavirus Relief Package. On Tuesday, via unanimous consent, the Senate passed the Paycheck Protection Program Increase Act of 2020...more

Seyfarth Shaw LLP

Senate Passes Another Round of Coronavirus Relief to Replenish the Paycheck Protection Loan Program and Other Programs;...

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Summary - Late yesterday, the Senate passed the Paycheck Protection Program Increase Act of 2020. The measure appropriates a total of $484 billion, mainly to refund the Paycheck Protection Program (PPP), but also to provide...more

White & Case LLP

COVID-19 Response: Federal Reserve liquidity facilities

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Section 13(3) of the Federal Reserve Act authorizes the Federal Reserve Board (FRB) in “unusual and exigent circumstances” to establish programs or facilities with “broad-based eligibility” that allow a Federal Reserve Bank...more

Miller Canfield

COVID-19: Federal Reserve’s Main Street Lending Program: What Businesses Need to Know to Prepare

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On April 9, 2020, the Federal Reserve, acting under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and Section 13(3) of the Federal Reserve Act (12 USC §344), announced the creation of a new “Main Street...more

Foley & Lardner LLP

CARES Act: Non-Profit Employers’ Obligation for Unemployment Benefits Reimbursement

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Under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), the federal government will pay 50% of the reimbursable unemployment benefits from March 13, 2020 through December 31, 2020 for those non-profit...more

Foley & Lardner LLP

Furloughs, Workforce Reductions, and Facility Closures Due to Coronavirus: Important Defined Benefit Plan Reporting Obligations

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Employers face unique legal and financial challenges in connection with the COVID-19 pandemic. One such challenge includes the impact of a potential furlough, workforce reduction, or facility closures on benefit plan...more

Morgan Lewis

PPP Loans: SBA Limits Lender Due Diligence Requirements, But Lenders Still Have Enforcement Exposure

Morgan Lewis on

While the Coronavirus Aid, Relief, and Economic Security (CARES) Act makes borrowers primarily responsible for demonstrating loan eligibility under the Small Business Administration’s Paycheck Protection Program, lenders must...more

Jackson Walker

CARES Act Update – Federal Reserve and U.S. Treasury Establish Main Street Business Lending Program to Provide Liquidity to...

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides emergency economic stimulus to small businesses and certain eligible recipients in response to the economic distress caused by the COVID-19 pandemic. The...more

Chambliss, Bahner & Stophel, P.C.

CARES Act Essentials: What You Need to Know by Topic

In response to unprecedented health care demands and economic conditions caused by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on Friday, March 27, 2020. The Act...more

Chambliss, Bahner & Stophel, P.C.

CARES Financial Relief for Health Care Providers

The CARES Act adds $100 billion to the “Public Health and Social Services Emergency Fund” to reimburse “eligible health care providers” for “health care-related expenses or lost revenues that are attributable to Coronavirus.”...more

Chambliss, Bahner & Stophel, P.C.

Small Business Financial Relief Through the Paycheck Protection Program

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

Perkins Coie

Business Immigration Considerations During the COVID-19 Pandemic

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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

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