News & Analysis as of

Loans Coronavirus/COVID-19 CARES Act

Bradley Arant Boult Cummings LLP

PPP Loan Credits and Government Contracts: What Contractors Need to Know During Incurred Cost Reviews

As federal contractors continue to navigate the post-pandemic compliance landscape, a recurring issue has emerged in government audits and incurred cost reviews: whether and how contractors must credit the government for...more

Benesch

Paycheck Protection Program (“PPP”) Loan Fraud: A Survey & Analysis of Recent Civil & Criminal Enforcement Outcomes

Benesch on

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was a federal law enacted in or around March 2020 designed to provide emergency financial assistance to the millions of Americans who were suffering the...more

Ballard Spahr LLP

Overturning of Chevron Boosts Challenges to SBA PPP Loan Forgiveness Denials

Ballard Spahr LLP on

The U.S. Supreme Court’s recent overturning of the Chevron Deference Doctrine calls into question several Chevron-based federal court rulings allowing the Small Business Administration (SBA) to exclude many categories of...more

Mintz - Health Care Viewpoints

Acting U.S. Attorney Levy Forecasts False Claims Act COVID Cases Targeting Private Lenders Of CARES Act Loans That Failed In Their...

Acting U.S. Attorney Joshua Levy discussed the enforcement priorities for the Massachusetts U.S. Attorney’s Office (USAO) during a Q&A session on May 29, 2024, and made clear that the historical focus of the office remains...more

Fox Rothschild LLP

Federal Reserve Board Fines Bank for Processing PPP Loans That Had Signs of Fraud

Fox Rothschild LLP on

In its first enforcement action related to COVID-19 government aid programs, the Federal Reserve Board recently announced that it has fined New York-based Popular Bank $2.3 million for processing Paycheck Protection Program...more

Morrison & Foerster LLP

Biden Administration Extends Statute of Limitations for PPP and EIDL Fraud to Ten Years

Two weeks ago, President Biden signed two laws extending the statute of limitations for civil and criminal fraud actions involving the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) to ten years....more

Sheppard Mullin Richter & Hampton LLP

DOJ Investigating FinTech Over PPP Loans

On June 3, a federal court filing in the Southern District of Florida by an Atlanta-based FinTech company revealed that the small business lender is under DOJ investigation for alleged PPP loan approval practices. According...more

Bradley Arant Boult Cummings LLP

Interplay of the Cares Act's Forbearance Framework and Regulation X's Loss Mitigation Rules

On March 13, 2020, President Donald Trump declared a national emergency in response to the novel coronavirus disease (COVID-19). Shortly thereafter, to assist consumers impacted by the COVID-19 pandemic, Congress passed the...more

Bradley Arant Boult Cummings LLP

Government Ramps Up Enforcement Efforts on COVID-19 Relief Fraud

The federal government is substantially ramping up its enforcement of COVID-19-related fraud. In a press release issued yesterday, the United States Secret Service announced the naming of a “National Pandemic Fraud Recovery...more

K&L Gates LLP

COVID-19: Washington State Resource Guide for Individuals Dealing with COVID Financial Impacts

K&L Gates LLP on

This guidebook is designed to serve as an interactive reference for individuals in Washington state looking for information and resources available to help with the financial impacts of COVID-19. It is not legal advice and...more

Schwabe, Williamson & Wyatt PC

10 Things to Know about Second Draw PPP Loans as Updated for the Economic Aid Act and the ARP Act - Update #5

On January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“Second...more

K&L Gates LLP

COVID-19: CFPB's Proposed Mortgage Servicing Amendments Add Loss Mitigation Protections for Borrowers and Signal Heightened...

K&L Gates LLP on

On 5 April 2021, the Consumer Financial Protection Bureau (CFPB) solicited comments on proposed amendments to Regulation X, which amendments are intended to assist mortgage borrowers impacted by the COVID-19 pandemic. Though...more

Davis Wright Tremaine LLP

COVID, Year Two: A Look at Mortgage Relief, Regulatory Scrutiny, and the Road Ahead

March 13, 2021, marked the one-year anniversary of President Trump's declaring COVID-19 a national emergency. Through the CARES Act, agency action and guidance, and various state laws and executive orders, governments across...more

Morrison & Foerster LLP

DOJ Enforcement Actions Involving COVID-19 Relief Fraud: An Update

Soon after Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in March 2020, the Criminal Division of the U.S. Department of Justice (DOJ) moved quickly to address potential COVID-19 related...more

Dickinson Wright

DW-China Trade Update (36th Edition)

Dickinson Wright on

Congress Restricts Chinese-Owned US Companies in Second PPP Loan Program - Last spring, as COVID began to threaten U.S. businesses, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”),...more

Wiley Rein LLP

New Round of PPP Funds Available

Wiley Rein LLP on

On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act) became law. This act reinstated the Paycheck Protection Program (PPP) by (1) making a new round of PPP funds...more

Troutman Pepper Locke

2020 State Attorney General Actions Offer Guideposts for Companies in the Coming Year

Troutman Pepper Locke on

In 2020, state attorneys general spearheaded regulatory actions that addressed some of the most pressing consumer concerns, reaching resolutions on data breaches, for-profit and automobile financing, opioids, medical devices,...more

Bradley Arant Boult Cummings LLP

Covid-19 Mortgage Servicing Trends Report - Update

Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. This report is intended to show industry trends, not facts, and does not necessarily...more

K&L Gates LLP

2021: A New Year, the Same Fear - Why Companies Should Expect a Wave of PPP Investigations

K&L Gates LLP on

Four months after the expiration of the $659 billion forgivable loan relief program established by the CARES Act, the federal government has disbursed approximately 5.2 million Paycheck Protection Program (PPP) loans....more

Bradley Arant Boult Cummings LLP

Update: COVID-19 Mortgage Servicing Trends Report

Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables... The polling results included in this report are the anonymous responses of...more

K&L Gates LLP

COVID-19: New SBA Forms Asking Key Necessity and Liquidity Questions

K&L Gates LLP on

Borrowers of Paycheck Protection Program (PPP) loans of US$2M or more will be required to complete a new form as part of the Small Business Administration (SBA) review process, which appears to ask key questions about private...more

Bowditch & Dewey

2020 End of Year Tax Planning for Individuals

Bowditch & Dewey on

As the 2020 year draws to a close, families should review with their tax advisers the CARES Act tax-related provisions in their tax and financial planning. Tax provisions that apply to individuals include the following: ...more

Bowditch & Dewey

Can I Withdraw Funds From My Retirement Account During COVID-19?

Bowditch & Dewey on

The Paycheck Protection Program money is spent, the temporary $600 weekly unemployment supplement is over, and we still need money. We could draw on our savings, sell investments, or take out a loan against our home. Usually,...more

Jackson Lewis P.C.

CARES Act Conformity For Qualified Employer Plans In California

Jackson Lewis P.C. on

On September 11, 2020, Governor Newsom signed Assembly Bill 276 (“AB 276”), amending California’s tax law regarding the taxation of loans from qualified employer benefit plans to employees. The amendments track the provisions...more

Oberheiden P.C.

SBA Loan Fraud Defense—How to Defend Against an Indictment

Oberheiden P.C. on

Tips on Preparing to Defend Against Allegations of SBA Loan Fraud During the COVID-19 Crisis - Federal emergency relief legislation—including the Coronavirus Aid, Recovery, and Economic Security Act (“CARES Act”)—has...more

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