PPP Deadline Extension -
President Biden has signed legislation extending the Paycheck Protection Program (PPP) loan application filing deadline from March 31, 2021 to May 31, 2021. The legislation also gives the Small...more
4/5/2021
/ American Rescue Plan Act of 2021 ,
Coronavirus/COVID-19 ,
Eligibility ,
Filing Deadlines ,
Lenders ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Restaurant Industry ,
Small Business
On March 3, 2021, the Small Business Administration (SBA), in conjunction with the U.S. Department of the Treasury, adopted an interim final rule (IFR) that: (1) allows individuals who file an IRS Form 1040, Schedule C to...more
3/16/2021
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Eligibility ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Popular ,
SBA ,
Small Business ,
U.S. Treasury
The Main Street Lending Program has been modified by the Federal Reserve Board (Board) to provide new access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations....more
8/1/2020
/ 501(c)(19) ,
501(c)(3) ,
Borrowers ,
CARES Act ,
Compliance ,
Contract Terms ,
Coronavirus/COVID-19 ,
Eligibility ,
Federal Reserve ,
Hospitals ,
Interest Rates ,
Lenders ,
Loan Agreements ,
Main Street Lending Programs ,
Midsize and Large Business Loans ,
Nonprofit Organization Expanded Loan Facility (NOELF) ,
Nonprofit Organization New Loan Facility (NONLF) ,
Relief Measures ,
Social Services ,
Tax Exempt Entities ,
Universities
On June 8, 2020, the Federal Reserve Board (Board) announced an expansion of the scope and eligibility for its Main Street Lending Program. The Board also issued an updated FAQ for the program on June 9, 2020.
Under the...more
6/16/2020
/ Borrowers ,
CARES Act ,
EBITDA ,
Economic Injury Disaster Loans ,
Eligibility ,
Federal Reserve ,
Libor ,
Loan Forgiveness ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Paycheck Protection Program (PPP) ,
Small Business Loans ,
Special Purpose Vehicles
On April 30, 2020 the Federal Reserve Board (the "Board") announced an expansion of the scope and eligibility for its Main Street Lending Program.
Under the three Facilities—the Main Street New Loan Facility (the "New...more
5/13/2020
/ Borrowers ,
CARES Act ,
Certification Requirements ,
Compliance ,
Credit Unions ,
EBITDA ,
Eligibility ,
Employee Retention ,
Federal Reserve ,
Financial Stimulus ,
Lenders ,
Loan Origination Funds ,
Main Street Lending Programs ,
Midsize and Large Business Loans ,
Relief Measures ,
Small Business Loans ,
Special Purpose Vehicles
PPP Loan Proceeds Return Date Extended -
On April 23, 2020, the U.S. Department of the Treasury and Small Business Administration (SBA) announced that public companies receiving Paycheck Protection Program (PPP) loans, who...more
In a recent alert, we reviewed a series of developments regarding implementation of the $2.2 trillion federal CARES Act, including news that the Federal Reserve had released details on two new loan facilities. This alert...more
4/16/2020
/ Attestation Requirements ,
CARES Act ,
Coronavirus/COVID-19 ,
EBITDA ,
Eligibility ,
Federal Reserve ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Special Purpose Vehicles ,
U.S. Treasury