Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, Congress has enacted subsequent laws and the U.S. Small Business Administration (the “SBA”) and the U.S...more
On September 16, 2021, the U.S. Small Business Administration (“SBA”) issued an Interim Final Rule (the “Borrower Appeal Rule”) detailing the (largely technical) procedures for a Paycheck Protection Program (“PPP”) borrower...more
9/24/2021
/ Administrative Appeals ,
CARES Act ,
Coronavirus/COVID-19 ,
Eligibility Determination ,
Infectious Diseases ,
Loan Forgiveness ,
Office of Hearings and Appeals (OHA) ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
Effective September 8, 2021, the U.S. Small Business Administration (“SBA”) significantly expanded the ability of small businesses to apply for low-interest loans through the revised COVID Economic Injury Disaster Loan...more
9/14/2021
/ Affiliated-Business Arrangements ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Eligibility Determination ,
Federal Loans ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, Congress has enacted subsequent laws and the U.S. Small Business Administration (the “SBA”) and the U.S...more
[co-author: Perry Laub]
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, Congress has enacted subsequent laws and the U.S. Small Business Administration (the...more
[co-author: Perry Laub]
The restaurant industry has been among the hardest hit by the COVID-19 pandemic. The National Restaurant Association reported in its 2021 State of the Restaurant Industry that, as of December 1,...more
On Monday, February 22, 2021, President Biden announced changes to the Paycheck Protection Program (the “PPP”) aimed at providing relief to particularly small businesses and promoting equitable access to the PPP....more
On October 22, 2020, the Federal Reserve Bank of New York (“New York Fed”) released an amended form of Master Loan and Security Agreement (the “MLSA”), which governs loans issued under its Term Asset-Backed Loan Facility...more
Fed Releases Updated Frequently Asked Questions for Business and Nonprofit Facilities and Instructions for Lender Required Documentation -
On September 18, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”)...more
9/28/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
EBITDA ,
Eligibility ,
Federal Reserve ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Nonprofits ,
SBA ,
Small Business ,
Special Purpose Vehicles ,
Term Sheets
On August 24, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) published an updated set of Frequently Asked Questions for the Business Facilities (defined below) and an updated set of Frequently Asked Questions for...more
On August 6, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) published an updated set of Frequently Asked Questions for the Nonprofit Facilities (defined below) (“Nonprofit FAQs”) which are part of the Main Street...more
8/18/2020
/ Borrowers ,
CARES Act ,
Eligibility ,
Federal Reserve ,
Lenders ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Nonprofits ,
SBA ,
Special Purpose Vehicles ,
Term Sheets
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business Administration (the “SBA”) and the U.S Treasury Department (“Treasury”) have issued a...more
8/12/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payroll Taxes ,
SBA ,
Small Business ,
Small Business Loans
Originally published on May 4, 2020. Last updated as of July 20, 2020.
On July 17, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) released updated term sheets for two new loan facilities: the Main Street...more
7/21/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Federal Reserve ,
Lenders ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Relief Measures ,
SBA ,
Small Business ,
Term Sheets
Originally published on April 14, 2020. Last updated as of July 14, 2020.
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business...more
7/16/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Financial Stimulus ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program and Health Care Enhancement Act ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Small Business Loans
Originally published on May 4, 2020. Last updated as of July 10, 2020.
The Federal Reserve Bank of Boston recently published information in anticipation of the launch of the Main Street Lending Program under the CARES Act,...more
7/13/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
EBITDA ,
Federal Reserve ,
Lenders ,
Main Street Expanded Loan Facility ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
New Guidance ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business Loans ,
Special Purpose Vehicles
Originally published on May 6, 2020. Last updated as of June 29, 2020.
On June 29, 2020, the Federal Reserve Bank of New York (the “New York Fed”) published an updated set of Frequently Asked Questions (“FAQs”) concerning...more
Originally published on April 14, 2020. Last updated as of June 24, 2020.
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business...more
Originally published on May 6, 2020. Last updated as of June 22, 2020.
On June 15, 2020, the Federal Reserve Bank of New York (the “New York Fed”) published an updated set of Frequently Asked Questions (“FAQs”) concerning...more
6/24/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Corporate Bonds ,
ETFs ,
Federal Reserve ,
Issuer Eligibility Criteria ,
Primary Market Corporate Credit Facility (PMCCF) ,
Secondary Market Corporate Credit Facility (SMCCF) ,
Secondary Markets ,
Term Sheets
UPDATE: Fed Proposes Expansion of Program to Cover Nonprofits -
On June 15, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) announced it was seeking public feedback on its proposal to expand the Main Street...more
6/22/2020
/ Borrowers ,
CARES Act ,
Eligibility ,
Federal Reserve ,
Lenders ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Nonprofits ,
SBA ,
Special Purpose Vehicles ,
Term Sheets
Originally published on April 14, 2020. Last updated as of June 18, 2020.
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business...more
6/19/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Safe Harbors ,
SBA ,
Small Business ,
Small Business Loans ,
Updated Forms
UPDATE: Where is Main Street?—Fed Provides Guidance on the Main Street Lending Program -
On June 11, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) released updated information for potential lenders and...more
6/15/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
EBITDA ,
Federal Reserve ,
Lenders ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
New Guidance ,
SBA ,
Small Business ,
Term Sheets
Originally published on April 14, 2020. Last updated as of June 11, 2020.
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business...more
UPDATE: Where is Main Street?—Fed Provides Guidance on the Main Street Lending Program -
On June 8, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) released information for potential lenders and borrowers in...more
6/11/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Federal Reserve ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
New Guidance ,
SBA ,
Small Business ,
Special Purpose Vehicles ,
Term Sheets
Originally published on April 14, 2020. Last updated as of June 5, 2020.
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small Business...more
Originally published on April 14, 2020. Last updated as of the evening of May 25, 2020.
Since the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, the U.S. Small...more