Certain foreign-owned or controlled U.S. businesses are eligible to apply for potentially forgivable loans under the second round of the Paycheck Protection Program ("PPP") included in the recently enacted Economic Aid to...more
While the loan forgiveness features of the Paycheck Protection Program loans (“PPP Loans”) have made PPP loans very attractive to eligible small businesses, borrowers wanting to take advantage of loan forgiveness need to...more
On April 23, 2020, Congress passed and President Donald Trump is expected to sign into law the “Paycheck Protection Program and Health Care Enhancement Act” (Act) to increase funding for paycheck protection program loans (PPP...more
4/24/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Funding ,
Financial Institutions ,
FIRREA ,
Grants ,
Health Care Providers ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs
Section 3610 (“Federal Contractor Authority”) of the CARES Act, signed into law on March 27, 2020, provides U.S. contracting agencies with discretion to modify the terms and conditions of government contracts to allow for...more
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
4/20/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Federal Reserve ,
Financial Stimulus ,
Lenders ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Relief Measures ,
SBA ,
Special Purpose Vehicles ,
Term Sheets ,
U.S. Treasury
The Coronavirus Aid, Relief, and Economic Security Act (also referred to as the CARES Act) recently adopted by the US federal government provides for two basic assistance programs available to US subsidiaries of foreign...more
The U.S. Small Business Administration ("SBA") has issued new guidance on the new Paycheck Protection Program ("PPP"), which currently makes loans available to applicants that employ fewer than 500 people (or higher amount...more
As a result of COVID-19 and its effects, including government-ordered shutdowns and advisories, many businesses will voluntarily and involuntarily close or significantly reduce operations, leading to immediate liquidity...more
With COVID-19 spreading throughout the world, parties to supply contracts need to understand whether, and under what circumstances, a party's performance can be excused due to COVID-19. In a previous article, we examined...more
Many commentators have assumed that a party to a contract will be excused from performance if the coronavirus outbreak causes its inability to perform. But in order to be sure this would apply in a particular supply contract...more