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Troutman Pepper Locke

SBA Orders Small Business Lenders to End Debanking Practices Pursuant to President Trump’s Executive Order

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On August 26, the U.S. Small Business Administration (SBA) took action to enforce President Trump’s directive by issuing a letter to its network of over 5,000 lenders. This letter mandates the cessation of alleged politicized...more

Balch & Bingham LLP

RETREAT! “Agent Fee” Class Actions Moving Against Plaintiffs

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Earlier this year, this blog reported on the wave of “Agent Fee” class actions against lenders who made PPP loans under the CARES Act. At one point, there were over sixty such lawsuits, spread across the federal courts,...more

Goodwin

Financial Services Weekly Roundup: SEC Proposes Modified Disclosure Framework For Funds

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In the News. The Securities and Exchange Commission (SEC) proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds), which would create a new layered disclosure regime that attempts to...more

Balch & Bingham LLP

Lenders Gain Big Win Resisting MDL Consolidation in PPP Agent Fees Class Action Litigation

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On Wednesday, the Judicial Panel on Multidistrict Litigation rejected consolidation of 62 class actions involving Paycheck Protection Program (“PPP”) loans under the federal Coronavirus Aid, Relief, and Economic Security...more

Goodwin

Financial Services Weekly: Amendments To SEC Proxy Solicitation Rules Approved By A 3-1 Vote

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In This Issue. The Securities and Exchange Commission (SEC) finalized amendments to its proxy solicitation rules that will modify the practices of proxy advisory firms, providing them with greater transparency and...more

Skadden, Arps, Slate, Meagher & Flom LLP

Enforcement Risks and the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, which was signed into law on March 27, 2020, provided for the establishment and expansion of a range of economic assistance programs designed to help...more

Skadden, Arps, Slate, Meagher & Flom LLP

Summary of 28th Annual Conference on Fair Lending and Consumer Financial Protection

Year In Review - Anand Raman, the head of Skadden’s Consumer Financial Services (CFS) practice, began the conference by providing a summary of notable events and trends over the past year relating to consumer financial...more

Butler Snow LLP

Banks Sued Over Paycheck Protection Program Loan Practices

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As financial institutions begin to make the next round of Paycheck Protection Program (“PPP”) loans under the CARES Act, some would-be borrowers have begun suing lender financial institutions alleging the institutions have...more

Seyfarth Shaw LLP

Seyfarth Policy Matters Newsletter - April 2020 #3

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Congress Replenishes Paycheck Protection Program (PPP) Through its Phase Four Coronavirus Relief Package. On Tuesday, via unanimous consent, the Senate passed the Paycheck Protection Program Increase Act of 2020...more

Seyfarth Shaw LLP

Senate Passes Another Round of Coronavirus Relief to Replenish the Paycheck Protection Loan Program and Other Programs;...

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Summary - Late yesterday, the Senate passed the Paycheck Protection Program Increase Act of 2020. The measure appropriates a total of $484 billion, mainly to refund the Paycheck Protection Program (PPP), but also to provide...more

Foley & Lardner LLP

CARES Act: Non-Profit Employers’ Obligation for Unemployment Benefits Reimbursement

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Under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), the federal government will pay 50% of the reimbursable unemployment benefits from March 13, 2020 through December 31, 2020 for those non-profit...more

Chambliss, Bahner & Stophel, P.C.

CARES Financial Relief for Health Care Providers

The CARES Act adds $100 billion to the “Public Health and Social Services Emergency Fund” to reimburse “eligible health care providers” for “health care-related expenses or lost revenues that are attributable to Coronavirus.”...more

Chambliss, Bahner & Stophel, P.C.

CARES Relief for State and Local Governments

The CARES Act establishes a $500 billion loan program accessible by cities, states, and businesses, while also providing for more than $250 billion in direct funding to state and local governments. The majority of the direct...more

ArentFox Schiff

IRS Clarifies Interaction of Payroll Tax Deferral with PPP Loan Forgiveness Under CARES Act

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On April 10, the Internal Revenue Service published responses to frequently asked questions with respect to the payroll tax deferral provisions of the CARES Act, including clarification that employers that take loans under...more

Snell & Wilmer

CARES Act Appropriates $100 Billion for Healthcare Providers

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With the passage of the CARES Act, $100 billion has been appropriated to the Public Health and Social Services Emergency Fund (“PHSSEF”), to be administered by a small agency within the Department of Health and Human Services...more

Pillsbury Winthrop Shaw Pittman LLP

COVID-19 Relief: SBA Issues Regulations & Guidance on the Paycheck Protection Program

SBA issues interim regulations and guidance on the Paycheck Protection Program, including confirmation of “affiliation” rules that may leave many companies affiliated with their investors and other businesses. New Small...more

Sheppard Mullin Richter & Hampton LLP

Answers for Nonprofits Seeking Relief under the CARES Act

In this time of crisis, nonprofits of all shapes and sizes have been scrambling to obtain assistance under the federal CARES Act. Sheppard Mullin’s Nonprofit Team is grateful for the special opportunity to help by partnering...more

King & Spalding

False Claims Act Considerations Related to the CARES Act's Small Business Administration Loan Program

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On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act, which authorized $2.2 trillion to, among other things, help companies and individuals mitigate the financial repercussions...more

Smith Debnam Narron Drake Saintsing & Myers,...

Client Alert: What Businesses Need to Know About the Paycheck Protection Program

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) earmarks $350 billion to a loan program designed to keep small business workers employed during the COVID-19 pandemic and its associated economic downturn....more

Womble Bond Dickinson

April 7, 2020 – Further Update on Paycheck Protection Program (the “PPP”) under the CARES Act

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The SBA, in consultation with the Treasury Department, has issued as of April 7 additional Frequently Asked Questions (FAQ) on Paycheck Protection Program Loans (the “April 7 FAQ”).  The April 7 FAQ answers several questions...more

Pillsbury Winthrop Shaw Pittman LLP

Texas: State and Local COVID-19 Social Distancing Measures

Aiming to protect public health within a large and diverse geography and an independent-minded culture, Texas responds to the COVID-19 pandemic with an evolving patchwork of state and local social distancing orders. To date,...more

Pillsbury Winthrop Shaw Pittman LLP

The Treasury Loan Window Is Opening: Are You Ready?

With $454 billion about to be distributed, interested companies need to be prepared. The Treasury Department is nearly ready to begin granting loans and other support to mid- to large -sized companies, municipalities and...more

Harris Beach Murtha PLLC

New York Budget Bill Includes Changes in Employee Leave Law

It might not be business as usual, but business in New York goes on even as the state grapples with the coronavirus pandemic. New York State’s annual budget bill, signed by Gov. Cuomo on April 3, contains amendments to New...more

Foley & Lardner LLP

SBA Loans Under the CARES Act - Updated as of April 7, 2020

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The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on Friday March 27, 2020, introduces the Paycheck Protection Program (the “PPP”) with $349 billion in funding and the goal of preventing...more

Nutter McClennen & Fish LLP

Nutter Bank Report Special Edition: Lending Limit Relief for Massachusetts Banks Making PPP Loans

The Massachusetts Division of Banks has issued guidance that grants immediate supervisory relief to Massachusetts-chartered banks from statutory lending limits on loans to one borrower for loans made pursuant to the U.S....more

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