Is it just us or does March 4 — the date of our last issue — feel like a million years ago? Like you, and not necessarily in this order, we have been: doing our work; keeping up with COVID-19-related laws, guidance, and...more
In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more
On May 11, 2020, the Fed announced the pricing methodology for the purchase of short term notes under the Municipal Liquidity Facility. The notes will bear a fixed interest rate that is based on the overnight indexed swap...more
In This Issue. The Small Business Administration (SBA) provided guidance on a borrower’s good faith certification on the necessity of Paycheck Protection Program (PPP) loan requests, announcing a safe harbor regarding this...more
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
The Federal Reserve System (the “Fed”) is the central bank of the United States and primarily interacts with banks and financial institutions to conduct monetary policy and promote the stability of the U.S. financial system. ...more
Loans of $25 million to $150 million now available for mid- to large-sized businesses - The Treasury Department and Federal Reserve has announced two new lending programs, as well as additional investment in and expansion...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law on March 27, 2020. The economic stimulus package in the CARES Act includes federal funding for business stimulus across three broad categories. ...more
The CARES Act authorized the Secretary of the Treasury to make up to $500 billion in loans, loan guarantees, and other investments for eligible businesses, States, and municipalities. The term sheet released by the Federal...more