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