Foley & Lardner LLP is closely monitoring the rapidly changing landscape surrounding the recent bank insolvencies.
On Tuesday, March 21, at 5:00 p.m. CT, Foley hosted a webinar where a panel of presenters discussed the...more
The collapse of Silicon Valley Bank and Signature Bank on March 10 and 12, 2023, respectively, sent shockwaves through the venture capital, entrepreneur, technology innovation, and life sciences communities, as well as those...more
Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin J. Gruenberg issued a joint statement this evening approving actions...more
On March 13, 2023, the FDIC announced that substantially all of the assets of Silicon Valley Bank have been transferred to a “bridge bank,” which is a newly chartered bank operated by a board appointed by the FDIC. This...more
The Export Import Bank of the United States (EXIM) issued its 2020 annual report highlighting EXIM’s results and priority initiatives in its mission to support American jobs by facilitating the export of U.S. goods and...more
On October 26, 2020, the Small Business Administration (SBA) published notice in the federal register that it is seeking approval from the government’s Office of Management and Budget (OMB) to release two new forms (Form 3509...more
11/13/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Department of Justice (DOJ) ,
False Claims Act (FCA) ,
Health Care Providers ,
Liquidity ,
Loan Forgiveness ,
OMB ,
Paycheck Protection Program (PPP) ,
Questionnaires ,
SBA
The COVID-19 pandemic has had far-reaching effects to date, including economic uncertainty and widespread business interruptions. This environment may raise unique considerations for parties contemplating an M&A transaction....more
10/9/2020
/ Alternative Fee Arrangements ,
Alternative Financing and Procurement (AFP) ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Data Privacy ,
Department of Justice (DOJ) ,
Due Diligence ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Trade Commission (FTC) ,
Investment Banks ,
IRS ,
Loan to Own ,
Mezzanine Lenders ,
Representations and Warranties Insurance
On Friday, October 2, 2020, the Small Business Administration (“SBA”) issued a Procedural Notice (the “Notice”) providing guidance on the notification and consent requirements for changes in ownership of borrowers of...more
On July 17, 2020, the Federal Reserve Bank of Boston released updated terms sheets for two types of loan facilities for nonprofits under the Main Street Lending Program (“MSLP”). Similar to the for-profit facilities, the...more
The Paycheck Protection Program reopened for applications on July 6, 2020 and will remain open (pending availability of funds) through August 8, 2020. As of July 6, 2020 roughly $521 billion in Paycheck Protection Program...more
The Federal Reserve Bank of Boston announced the opening of the Lender Registration portal for the Main Street Loan Program on June 15, 2020. Lenders can start the registration process at the program’s lender portal by...more
The Federal Reserve Board is seeking comment by June 22, 2020 on proposed modifications to the Main Street Lending Program to include loans options for small and medium nonprofit entities organized under 501(c)(3) or...more
The Main Street Lending Program, authorized under the CARES Act and Section 13(3) of the Federal Reserve Act, is designed to provide financial assistance to small and medium sized businesses. There will be three Main Street...more
6/15/2020
/ Banks ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Debt ,
EBITDA ,
Federal Reserve ,
Holding Companies ,
Lenders ,
Main Street Expanded Loan Facility ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Main Street Priority Loan Facility ,
Midsize and Large Business Loans ,
Paycheck Protection Program (PPP) ,
Savings and Loan Companies ,
Small Business Loans ,
U.S. Treasury
On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) was enacted, amending key provisions of the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on Friday March 27, 2020, introduced the Paycheck Protection Program (the “PPP”) with an initial $349 billion in funding and the goal of...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on Friday March 27, 2020, introduced the Paycheck Protection Program (the “PPP”) with an initial $349 billion in funding and the goal of...more
On May 13, 2020, the Small Business Administration (SBA) issued new, important guidance (available here) regarding how the SBA will review a borrower’s required good-faith certification of necessity made in its loan...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on Friday March 27, 2020, introduced the Paycheck Protection Program (the “PPP”) with an initial $349 billion in funding and the goal of...more
The Main Street Lending Program, under Section 13(3) of the Federal Reserve Act, is designed to provide financial assistance to small and medium sized businesses. Two Main Street Lending Programs were announced on April 9,...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on Friday March 27, 2020, introduced the Paycheck Protection Program (the “PPP”) with an initial $349 billion in funding and the goal of...more
4/27/2020
/ Agricultural Sector ,
CARES Act ,
Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
False Claims Act (FCA) ,
Federal Loans ,
Financial Stimulus ,
Hospitality Industry ,
Interim Rule ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program and Health Care Enhancement Act ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Third-Party ,
World Health Organization
The Paycheck Protection Program (PPP) under Title I of the CARES Act was established on March 27, 2020 to provide financial relief for small businesses adversely affected by COVID-19. The CARES Act initially allocated $349...more
On April 9, 2020, the Federal Reserve released the term sheet for the Primary Market Corporate Credit Facility (PMCCF) to support the flow of credit to highly rated issuers with significant operations and a majority of its...more
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
The CARES Act (“Act”) enacted on March 27, 2020 provides the Treasury with $454 billion to make loans, loan guarantees and other investments in Federal Reserve programs and facilities that will give support to eligible...more
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