On December 27, the President signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Act) addressing changes to the rules regarding PPP loans, including making a supplemental PPP loan available to...more
The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases. As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both...more
The Federal Reserve has issued amended FAQs for the for-profit and non-profit Main Street Lending Programs. The FAQs address the following:
• Restrictions on underlying credit facilities for MSELF Upsize Tranches;
•...more
On October 8, Treasury issued a new Interim Final Rule Re Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (new IFR), along with a new Loan Forgiveness Application Form 3508S and...more
On October 2, the SBA issued SBA Procedural Notice 5000-20057, Paycheck Protection Program Loans and Changes of Ownership (“Notice”). A link to the Notice is set out below. The Notice sets forth SBA procedural...more
10/6/2020
/ Borrowers ,
Change of Ownership ,
Coronavirus/COVID-19 ,
Covered Transactions ,
Escrow Accounts ,
Lenders ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Publicly-Traded Companies ,
SBA
On June 5, the President signed the PPP Flexibility Act. As first described in Buchalter’s previous ALERT, this new law creates the following adjustments to PPP requirements:
For loans entered into on or after the date the...more
By a near-unanimous 417-1 vote, the House has passed the PPP Flexibility Act, which if enacted would, among other things, extend the time to utilize Payroll Protection Program (PPP) loan proceeds and obtain forgiveness,...more
The Federal Reserve has published more detailed information about the soon to be launched Main Street Lending Program (MSLP) designed to assist businesses with up to 10,000 employees or up to $2.5 billion of annual revenue...more