President Biden signed into law the American Rescue Plan Act of 2021 (ARP Act) on March 11, 2021. The $1.9 trillion economic recovery package revised the Paycheck Protection Program (PPP) and the Shuttered Venue Operator...more
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 11, 2021, President Joseph Biden signed into law the American Rescue Plan Act of 2021 (ARP Act), a $1.9 trillion economic recovery package. This follows the recent adoption of the Consolidated Appropriations Act of...more
On December 28, 2020, President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the Act included revisions and additions to the Paycheck Protection Program (PPP). The new PPP will (1) accept...more
1/6/2021
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits
Certain provisions of the CARES Act provided community banks breathing room while they worked to facilitate the badly needed economic recovery, including the following:
- Temporarily reducing the Community Bank Leverage...more
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 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
As part of the Paycheck Protection Program ("PPP") loan application, an applicant must certify, among other things, that "current economic uncertainty makes this loan request necessary to support ongoing operations of the...more
4/27/2020
/ Coronavirus/COVID-19 ,
Financial Distress ,
Liquidity ,
Loan Forgiveness ,
Midsize and Large Business Loans ,
Paycheck Protection Program (PPP) ,
Pre-Qualification ,
Relief Measures ,
SBA ,
Small Business ,
Small Business Loans
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
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted late last week. Designed to provide emergency economic assistance to businesses, families, and individuals, the CARES Act also...more
4/7/2020
/ Bank Debt Guarantee Program (BDGP) ,
Banks ,
CARES Act ,
CBLR ,
Community Banks ,
Coronavirus/COVID-19 ,
Current Expected Credit Losses (CECL) ,
Debt Restructuring ,
Financial Stimulus ,
Interim Rule ,
Loans ,
Paycheck Protection Program (PPP) ,
Relief Measures