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
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
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
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
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business Administration (the “SBA”) and the U.S Treasury Department (“Treasury”) have issued a...more
On August 24, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) published an updated set of Frequently Asked Questions for the Business Facilities (defined below) and an updated set of Frequently Asked Questions for...more
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
Commercial real estate owners may find relief under the Main Street Lending Program, but with many unable to qualify, the recently introduced HOPE Act, if enacted, will fill a much-needed gap. Although the possibility may...more
The Main Street Lending Program (MSLP) was established by the Treasury Department with $75 billion from the CARES Act to enhance access to credit for small and medium-sized businesses during the COVID-19 pandemic which were...more
On June 15, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) proposed the expansion of its Main Street Lending Program (the “Program”), which was originally established to support lending to...more
The Federal Reserve Bank of Boston (“FRBB”) announced that the Main Street Lending Program (the “Program”) established by the Federal Reserve Board (the “Fed”) is operational as of July 6, 2020. To obtain a Program loan,...more
Congress recently passed the economic stimulus package referred to as the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act1”), the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”),...more
LABOR & EMPLOYMENT LAW - DC Launches Paid Family Leave Program July 1—What Employers Need to Know - Employees in DC are now eligible for paid family leave pursuant to the DC Paid Family Leave Act. Below is our brief...more
Effective July 6, 2020, the Federal Reserve Bank of Boston announced that the “Main Street Lending Program” is now fully operational and ready to begin purchasing commitments from eligible lenders. After months of periodic...more
On June 15, 2020, the Federal Reserve announced the launch of its Main Street Lending Program (“Main Street Program” or “Program”) under the CARES Act. This Program was created to provide up to $600 billion in liquidity to...more