News & Analysis as of

Promissory Notes Coronavirus/COVID-19

Lewitt Hackman

Franchisee 101: Pandemic No Excuse for Non-Payment

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The Massachusetts Supreme Judicial Court granted summary judgment in favor of the seller of a janitorial service franchise based on claims by the buyers that the COVID-19 pandemic excused their obligation to pay the seller...more

McDermott Will & Emery

Weekly IRS Roundup October 31 – November 4, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 31, 2022 – November 4, 2022....more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights, Issue 2

The Fed Plans to Unveil Digital Dollar Prototypes in July - "The Boston Fed and MIT hope to unveil some of their work in the third quarter, including at least two prototype software platforms that could move, store and...more

Hinshaw & Culbertson LLP

Lender Obligations Under the Revived Paycheck Protection Program

On December 28, 2020, former President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the Act included revisions and additions to the Paycheck Protection Program (PPP). The new PPP will: (1)...more

White and Williams LLP

It’s a Bird, It’s a Plane, It’s…the SBA? SBA Issues Guidance on Change of Ownership Transactions Involving PPP Loans

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Dealmakers know that uncertainty is their proverbial kryptonite. As M&A and investment have started to show signs of life, acquirers of and investors in companies that received loans under the Paycheck Protection Program...more

Sheppard Mullin Richter & Hampton LLP

The October 2, 2020 SBA Procedural Notice: Change of Ownership Transactions Involving PPP Borrowers

On October 2, 2020, the U.S. Small Business Administration (SBA) released a Procedural Notice providing guidance addressed to Paycheck Protection Program (PPP) lenders and SBA employees as to the circumstances under which...more

Husch Blackwell LLP

SBA Issues Guidance For Ownership Changes Under PPP

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Businesses contemplating mergers and/or acquisitions (M&A) during this worldwide pandemic have wrestled with the question of how to treat a target company that reveals an outstanding Paycheck Protection Program (PPP) loan on...more

Dorsey & Whitney LLP

PPP Developments

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The CARES Act Paycheck Protection Program (“PPP”) has provided much needed assistance to millions of businesses and other organizations impacted by the COVID-19 pandemic in the United States. This program, however, continues...more

Vedder Price

Can Airlines Seek Relief under EETC Financing?

Vedder Price on

Due to the ongoing COVID-19 pandemic and the resulting economic malaise, lenders and investors are seeing a flood of requests from borrowers and issuers for relief on debt service payments. For private financings where there...more

White and Williams LLP

Making It Up As We Go Along?: Real-Time Changes to Paycheck Protection Program Continue with Release of Additional Rules

The U.S. Small Business Administration (SBA) continues to fine-tune the terms of the Paycheck Protection Program (PPP) with the release of a fifth interim final rule on disbursements on April 28th (the Fifth Rule) and a sixth...more

White and Williams LLP

Private Equity and Other Businesses Need Not Apply: SBA Issues Fourth Paycheck Protection Program Interim Final Rule

On April 25, 2020, the U.S. Small Business Administration (SBA) released a fourth interim final rule (the Fourth Rule) providing additional formal guidance regarding the eligibility of private equity funds and their portfolio...more

White & Case LLP

Covid Corporate Financing Facility: further details released

White & Case LLP on

In our client alert entitled "Government-backed initiatives to support businesses impacted by the Coronavirus" we gave an overview of various measures announced by the UK Government to help UK business through the economic...more

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