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Proposed Legislation Small Business Loans

Ballard Spahr LLP

CFPB to Reopen Rulemaking on the Section 1071 Small Business Loan Data Collection and Reporting Rule

Ballard Spahr LLP on

As we have reported previously, including here, here, and here, the CFPB’s section 1071 small business loan data collection and reporting rule is facing court challenges.  The U.S. Court of Appeals for the Fifth Circuit has...more

Ballard Spahr LLP

Republicans renew efforts to repeal Section 1071

Ballard Spahr LLP on

Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and...more

Allen Matkins

Bill Would Prohibit Charging Certain Commercial Loan Fees To Small Businesses

Allen Matkins on

California Senator Dave Min has authored an unfortunately numbered bill, SB 666, that would prohibit a "covered entity"  from charging the following fees to a small business in connection with a commercial financing...more

Womble Bond Dickinson

Maryland House Economic Matters Committee Considers Senate-Passed Commercial Finance Disclosure Law: Consumer Type Disclosures in...

Womble Bond Dickinson on

We recently reported that the Maryland Senate unanimously approved amended Senate Bill 496 – a broad measure proposed to curb perceived commercial lending abuses in Maryland. The bill has moved on to the House of Delegates...more

Miles & Stockbridge P.C.

U.S. Small Business Lending Disclosure Act: Congress’s Commercial Finance Disclosure Law - Will It Displace State Law?...

Over the past year, we have reported on the new wave of laws enacted and proposed in various states requiring consumer-like disclosures in commercial financing transactions. These state laws are often titled “Commercial...more

Downs Rachlin Martin PLLC

Proposed Legislation Expedites PPP Forgiveness for Loans Under $150K

A new bill is now pending in the Senate which enhances lender protections and facilitates forgiveness for those PPP borrowers receiving PPP loans of less than $150,000.  Proponents of the legislation have explained that the...more

Jackson Walker

What's Next for the Paycheck Protection Program? by Lindsey Berwick and John Wittenberg

Jackson Walker on

While the deadline to apply for a Paycheck Protection Program (PPP) loan has passed, an August 8th extension is en route to President Trump for his signature. Since the program's implementation in April, the Small Business...more

Jones Day

Legislative Update - June 2020

Jones Day on

Coronavirus Aid, Relief, and Economic Security (CARES) Act - On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136 (the "CARES Act"). The...more

Foster Garvey PC

Lawmakers May Not Have Abandoned Small Businesses After All – The Paycheck Protection Program Flexibility Act of 2020 May Be Just...

Foster Garvey PC on

As I previously reported, the Paycheck Protection Program (“PPP”) was touted as providing emergency assistance (i.e., a lifeline) to restaurants and other businesses ordered to shut their doors (e.g., dental offices, bars,...more

Moore & Van Allen PLLC

COVID-19 - NC Legislative Update April 2020

Moore & Van Allen PLLC on

Thursday, April 30, was the third day of the legislative short session.  The session has dealt almost exclusively with the State’s response to the Covid-19 pandemic. On Wednesday, the Senate approved its response proposal by...more

Balch & Bingham LLP

Summary of Coronavirus Aid, Relief, and Economic Security (CARES) Act

Balch & Bingham LLP on

On March 25, 2020, the Senate voted 96-0 to approve the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The House is expected to vote on this bill on Friday, March 27....more

Lowenstein Sandler LLP

Economic Stimulus Package: Expect Passage Within Days (Rogers)

Lowenstein Sandler LLP on

In a proposal originally penned by the Treasury Department and taken up by Senate Republicans, the Trump Administration seeks passage of a nearly $1 trillion Novel Coronavirus/COVID-19 relief and economic stimulus plan that...more

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