Monthly Minute | Financial Relief for COVID-19
How to Navigate the After Effects of the U.S. Stimulus Packages
On July 30, 2021, the Special Inspector General for Pandemic Recover (“SIGPR”), Brian D. Miller, submitted his quarterly report to Congress. SIGPR was created as an independent watchdog of the Department of the Treasury...more
On June 22, the House Select Subcommittee on the Coronavirus Crisis held a hearing titled “U.S. Economy On The Path To Strong Recovery.” Federal Reserve Chair Jerome Powell testified regarding the Fed’s emergency pandemic...more
As part of its ongoing investigation into the Federal Reserve’s administration of pandemic relief lending programs, House Select Subcommittee on the Coronavirus Crisis Chair James E. Clyburn sent a letter to Fed Chair Jerome...more
Please join Jessica Heim, Zach Terwilliger, and Adrianne Goins, as they discuss criminal and civil liability risks for CARES Act fraud and key issues to watch in 2021 and beyond. Discussion topics will include: - A review...more
The New Jersey Economic Recovery Act of 2020, a seven-year, $14 billion package of incentive programs intended to encourage New Jersey job growth, property development and redevelopment, community partnerships, and numerous...more
After months of drama that we dutifully catalogued right here, the U.S. plan to “force the sale of TikTok’s American operations” to Oracle and Walmart “has been shelved indefinitely.” The forced sale has “languished since...more
On December 29, the Federal Reserve announced it would extend the termination date of Main Street Lending program facilities to January 8, 2021. The extension will allow additional time for lenders to process and fund loans...more
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021.Title X of Division N of that law ("Title X") contains several provisions that change the authority of the Board of Governors of...more
On January 7, 2021, New Jersey Governor Phil Murphy signed into law the New Jersey Economic Recovery Act of 2020, a long-awaited package of incentive programs intended to encourage New Jersey job growth, property development...more
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more
This White Paper gives a broad understanding of the terms and implications of the Main Street Lending Program by delving into the key questions market participants are likely to have and addressing the latest changes...more
In a much needed holiday gift for businesses and individuals who continue to be affected by COVID-19, Congress finally approved a $900 billion aid package follow-up to the CARES Act (the Winter Covid-19 Relief Bill), the...more
Happy post-election, post-socially-distanced Thanksgiving, and pre-New Year’s newsletter. Banks, non-banks, and FinTechs can look forward to eight days of announcements from the Biden transition team with their latkes and...more
The COVID-19 pandemic has stressed the M&A market at every stage of the deal-making process – from complicating on-site visits and intensifying the diligence process to introducing valuation gaps (relative to pre-COVID-19...more
On October 30, the Federal Reserve Board (FRB) announced adjustments to the Main Street Lending Program in an effort to better support smaller businesses. The changes include reducing the minimum required loan size to...more
The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases. As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both...more
The Federal Reserve has issued amended For Profit and Non-Profit Frequently Asked Questions for the Main Street Lending Program, addressing the key dates for the end of the program in December, 2020. These dates are driven...more
The Main Street Lending Program (MSLP) is scheduled to terminate on Dec. 31, 2020. The Federal Reserve recently issued additional guidance in anticipation of winding down the program....more
The US federal government has taken significant actions to quell the economic fallout for businesses weathering the coronavirus (COVID-19) pandemic, including the Federal Reserve providing $600 billion through the Main Street...more
In 2020, COVID-19, the US presidential election, the Tax Cuts and Jobs Act (the TCJA), and the Coronavirus Aid, Relief and Economic Security Act (the CARES ACT) dominated the planning landscape....more
The Main Street Lending Program is designed to help companies that were in sound financial condition prior to the COVID-19 pandemic to maintain their operations and payroll until conditions normalize. The Federal Reserve Bank...more
The window for the Main Street Loan Program (“Main Street Program”), designed to provide loans with favorable terms to midsize companies to help address the economic fallout caused by the pandemic, is closing on December 31,...more
The Federal Reserve has issued amended FAQs for the for-profit and non-profit Main Street Lending Programs. The FAQs address the following: • Restrictions on underlying credit facilities for MSELF Upsize Tranches; •...more
The Federal Reserve recently adjusted the terms of the Main Street Lending Program (MSLP) to better target support to smaller businesses....more
The Federal Reserve announced on October 30, 2020 that the minimum loan size for three Main Street Lending Program facilities available to for-profit and nonprofit borrowers, (1) the Main Street New Loan Facility (MSNLF), (2)...more