On October 13, 2022, the Board of Governors of the Federal Reserve System (“Board”) announced multiple enforcement actions against former employees of several financial institutions because the former employees made false...more
On Dec. 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021, an omnibus stimulus and budget act that includes the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (HHSB Act). The...more
The Main Street Lending Program (MSLP) is scheduled to terminate on Dec. 31, 2020. The Federal Reserve recently issued additional guidance in anticipation of winding down the program....more
The Federal Reserve recently adjusted the terms of the Main Street Lending Program (MSLP) to better target support to smaller businesses....more
On Oct. 2, 2020, the Small Business Administration (SBA) issued SBA Procedural Notice Control No. 5000-20057 establishing requirements under the Paycheck Protection Program (PPP) for PPP borrowers considering a change in...more
The Federal Reserve recently expanded access to the Main Street Lending Program (MSLP) by fully opening the program to nonprofit organizations (NPOs) and accepting submissions of multiborrower loans. The Federal Reserve also...more
On Sept. 15, 2020, the Small Business Investor Alliance announced that $685,450,000 of Small Business Investment Companies (SBIC) debentures were priced at an interest rate of 1.034 percent — the lowest interest rate of SBIC...more
The Federal Reserve recently extended the Main Street Lending Program (MSLP) through the end of 2020 and expanded eligibility for nonprofit organizations (NPOs).
The Federal Reserve established the MSLP to support lending...more
On July 6, 2020, the Small Business Administration (SBA) and Department of the Treasury released detailed Paycheck Protection Program (PPP) loan-level data to the public. This information includes loan amounts, borrower...more
On July 15, 2020, the Federal Reserve released updated guidance for the Main Street Lending Program (MSLP). That updated guidance further modifies or clarifies certain requirements of the program, following its launch on July...more
The CARES Act established the Paycheck Protection Program as a business loan program under the Small Business Act to provide liquidity to eligible businesses impacted by the coronavirus pandemic. A key feature of the program...more
On July 6, 2020, the Federal Reserve Bank of Boston announced that it is now ready to purchase 95 percent participations in eligible loans submitted by registered lenders under the Main Street Lending Program (MSLP)....more
On June 8, 2020, the Federal Reserve released updated term sheets and guidance for the Main Street Lending Program (MSLP).
The MSLP is designed to provide support to small and medium-sized businesses and their employees...more
On May 28, 2020, the House of Representatives passed H.R. 7010, which effects a number of amendments to the CARES Act impacting the Paycheck Protection Program (PPP) term and forgiveness provisions. Late on June 3, 2020, the...more
Many government entities have already begun review and enforcement actions related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program (PPP) loans. The Small Business Administration...more
On May 27, 2020, the Federal Reserve Bank of Boston released updated guidance and new documents for the Main Street Lending Program (MSLP).
The MSLP is designed to provide support to small and medium-sized businesses and...more
The CARES Act established the Paycheck Protection Program as a business loan program under the Small Business Act to provide liquidity to eligible businesses impacted by the coronavirus pandemic. A key feature of the program...more
On May 8, 2020, the U.S. House Select Subcommittee on the Coronavirus Crisis wrote letters to five companies calling on them to return Paycheck Protection Program loans or produce supporting documentation by May 15. The press...more
In an April 30, 2020, press release, the Federal Reserve announced changes to the previously announced Main Street Lending Program, including the following:
creating a third facility, the Main Street Priority Loan Facility...more
With the help of McGuireWoods, Funding Circle, the leading online small business loan platform in the United States, joins fintech companies Intuit, PayPal, and Square, to participate in the U.S. Small Business...more
U.S. Treasury Secretary Steven T. Mnuchin approved the establishment of a Main Street Business Lending Program to support the flow of credit to American workers, businesses, states, counties and cities impacted by the...more
The latest regulations coupled with the Treasury Department guidance have left many scratching their heads as to whether fintech companies will be able to provide small business loans under the recently enacted Paycheck...more
The Paycheck Protection Program established under the CARES Act provides eligible businesses — including for-profit business concerns, 501(c)(3) nonprofits, 5019(c)(19) veterans organizations and Tribal concerns (collectively...more
McGuireWoods is monitoring the evolving availability of government-sponsored emergency loan programs for U.S. businesses during the COVID-19 pandemic, including federal programs available from the U.S. Small Business...more
3/27/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Investment Funds ,
Operators of Essential Services ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
On March 16, 2020, the Small Business Investor Alliance announced that $1,007,335,000 of Small Business Investment Companies (SBIC) debentures were priced at an interest rate of 2.078 percent....more