On October 2, 2020, the U.S. Small Business Administration (“SBA”) released new guidance on when SBA consent is required in connection with a change in ownership of an entity that has received Paycheck Protection Program...more
On September 4, 2020, the Board of Governors of the Federal Reserve System (the “Fed”) announced that the Main Street Lending Program (MSLP) is now accepting eligible loans to nonprofit organizations from registered lenders...more
On August 4, 2020, the U.S. Small Business Administration (SBA) issued New PPP Loan Forgiveness FAQs. These FAQs, together with previously released guidance and forgiveness applications and instructions, provide an outline...more
8/11/2020
/ Applications ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
FTEs ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Safe Harbors ,
SBA
On April 30, 2020, the Board of Governors of the Federal Reserve System (the “Fed”) released further details regarding three lending programs (the “Main Street Facilities”) under the Coronavirus Aid, Relief and Economic...more
On April 2, 2020, the U.S. Small Business Administration (the “SBA”) issued a new interim final rule that provides implementation guidelines for interpreting its Paycheck Protection Program (“PPP”). As discussed in our main...more
On April 6, 2020, the U.S. Small Business Administration (the “SBA”), in consultation with the Department of Treasury, issued a frequently asked questions page (the “FAQs”) as additional guidance on the implementation...more
4/9/2020
/ Affiliated-Business Arrangements ,
Affiliates ,
Board of Directors ,
Business Interruption ,
CARES Act ,
Core Funding Ratio (CFR) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Electronic Records ,
Employee Retention ,
Executive Compensation ,
Federal Loans ,
Financial Stimulus ,
Health Insurance ,
Lenders ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Shareholders ,
Shelter-In-Place ,
Small Business ,
Social Distancing ,
Stocks ,
Tax Relief
Small businesses adversely affected by COVID-19 may apply for special loans provided or guaranteed by the U.S. government. The program provided $349 billion available for two types of loans, both of which are now available...more
In addition to the loans being made under the CARES Act to small businesses (typically with fewer than 500 employees), Title IV Subtitle A of the Act also provides nearly $500 billion in senior loans and guarantees to larger...more
What should a borrower be doing about its credit facility as a result of shut-downs and loss of revenues from the COVID-19 disruptions? The borrower’s primary concern is to ensure sufficient liquidity, particularly if the...more
3/23/2020
/ Borrowers ,
Business Closures ,
Business Disruption ,
Business Interruption ,
Coronavirus/COVID-19 ,
Credit ,
Default ,
EBITDA ,
Insolvency ,
Liquidity ,
Loans ,
Material Adverse Effects