Licensed by the U.S. Small Business Administration (SBA) under the Small Business Investment Act of 1958, a small business investment company (SBIC) represents a privately owned and operated investment fund that makes...more
With the goal of providing financial relief to companies impacted by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) amended the Small Business Act to allow the Small Business...more
11/11/2020
/ Borrowers ,
CARES Act ,
Commercial Bankruptcy ,
Coronavirus/COVID-19 ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Small Business ,
Small Business Loans
On October 2, 2020, the Small Business Administration (“SBA”) issued a Procedural Notice (the “Notice”) regarding Paycheck Protection Program (“PPP”) loans and changes of ownership. Under previous rules, PPP lenders needed...more
On June 3, 2020, the US Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the “Act”), which passed in the House last week and is expected to be signed into law by President Trump soon. The Act amends...more
On Friday night, May 15, 2020, the Small Business Administration and the Treasury Department released the form of the application and related instructions that borrowers in the Paycheck Protection Program must complete in...more
The SBA has issued a long-awaited guidance on the affiliation rules applicable to the Paycheck Protection Program. This guidance acts to summarize, clarify, and in some cases, modify, the rules in effect for the SBA’s 7a loan...more
The September 2016 pooling of Small Business Investment Company (“SBIC”) debentures resulted in an annual interest rate pricing of 2.051%, which sets a new all-time record low rate for SBIC debentures. The previous record low...more
The March 2016 pooling of Small Business Investment Company (SBIC) debentures was priced at 2.507%, which is near the all-time record low rate. This is reduced from the previous semi-annual pricing of 2.829% for SBIC...more
On February 2, 2016, the U.S. Small Business Administration (SBA) released a Federal Register Call Notice (2016 Call Notice) inviting fund managers to submit preliminary materials in the form of the Management Assessment...more
Small Business Investment Company (SBIC) investment advisers will now have reduced registration requirements under the Investment Advisers Act of 1940 (Advisers Act), thanks to the recently enacted SBIC Advisers Relief Act....more
On June 4, 2015, the U.S. Small Business Administration (SBA) issued Memorandum #1 – 2015, Annual Recertification, regarding annual recertification of the Institutional Investors of Small Business Investment Companies...more