News & Analysis as of

Financial Stimulus

J.S. Held

Current Enforcement Efforts in the Battle Against COVID-19 Loan Program Fraud

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The COVID-19 pandemic caused unprecedented impacts around the world including stay-at-home orders, curfews, quarantines, and economic uncertainty. Businesses across the United States were forced to close their doors, limit...more

Mitchell, Williams, Selig, Gates & Woodyard,...

When The (IRS Refund) Check Isn't In the Mail

A recent spate of mail thefts has left the IRS holding the bag when taxpayer refunds have failed to reach those taxpayers. Congress has begun looking into these thefts. Some have occurred from USPS employee theft, but others...more

Manatt, Phelps & Phillips, LLP

New York State Budget Director Issues Call Letter to Agencies

Early Indication of Challenging 2024–25 State Budget - On September 20, 2023, Blake Washington, the new director of the New York State Division of the Budget (DOB), issued the annual agency “call letter,” which requests...more

Fox Rothschild LLP

The Presumption of Innocence Podcast: Episode 25 - An Investigative Journalist’s Insight Into the COVID-19 Fraud Strike Force

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A journalist and a white-collar criminal defense attorney walk onto a podcast... Though it sounds like the start of a joke, this paired perspective shines new light on the federal government’s ongoing enforcement actions...more

Manatt, Phelps & Phillips, LLP

The Employee Retention Credit: Reduce Employer Payroll Taxes and Generate Cash

Added to federal tax law by the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and further expanded in 2021, the Employee Retention C redit (ERC) can significantly reduce an employer’s federal employment...more

K&L Gates LLP

Up Next: Lenders May Be the Next Government Focus for PPP Fraud

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INTRODUCTION - On 24 January 2023, the Board of Governors of the Federal Reserve System (the FRB) announced it entered into a consent order (Consent Order) with a member bank imposing an approximately US$2.3 million civil...more

Wilson Sonsini Goodrich & Rosati

Increased Scrutiny in the U.S. and the UK on the Financial Activity of Russian Oligarchs

As the war in Ukraine rages on, recent advisories from financial crime agencies in the United States and the United Kingdom indicate heightened scrutiny on financial activity of Russian individuals and entities, including...more

Schwabe, Williamson & Wyatt PC

SBA Decision Not to Impose a Community Benefit Plan Requirement

On October 5, 2022, during the Tribal Consultation session in Washington, D.C., the Small Business Administration stated that it will not pursue its attempt to impose a Community Benefit Plan requirement on Alaska Native...more

Flaster Greenberg PC

What You Need to Know: Women and Minority-Owned Small Businesses Energy Efficiency Stimulus Program

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Women and minority-owned small businesses: Now is the time to act if you need to repair or upgrade an HVAC system or plumbing fixtures and appliances that fail to meet efficiency and health standards. This program offers up...more

Bass, Berry & Sims PLC

PPP Enforcement Actions Gather Steam

The Paycheck Protection Program (PPP) was intended to provide a fast influx of assistance to small businesses during the economic shock created by the COVID-19 pandemic. The speed with which loans were distributed to...more

PilieroMazza PLLC

Fraud Allegations Could Bedevil Borrowers in SBA COVID-19 Relief Programs for Many Years

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As everyone who has been tracking the COVID-19 relief programs since 2020 knows, at the outset there was massive confusion about the programs’ requirements as well as fear that funding could run out before businesses with...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Only Three Weeks Left (June 1) to Apply for Phase Two of the North Carolina Business Recovery Grant Program

North Carolina is still providing support for businesses impacted by the COVID pandemic. However, time is running short for this latest round of funds. Phase Two of North Carolina’s Business Recovery Grant Program is the...more

Rivkin Radler LLP

The Deduction of Cannabis Business Expenses Following New York’s 2023 Budget

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The 2023 Budget- Last week, the New York Legislature passed the State’s 2022-2023 Budget. The $220 billion Budget reflects an $8 billion increase over last year’s budget (a more than 3 percent jump). It is also $4 billion...more

White & Case LLP

CLO activity skyrockets in the US

White & Case LLP on

Financial stimulus and sustained investor appetite for yield have seen US CLO issuance scale record heights - The US collateralized loan obligation (CLO) market enjoyed a banner year in 2021 as a combination of Federal...more

Wiley Rein LLP

Wiley Consumer Protection Download (February 7, 2022)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

PilieroMazza PLLC

SBA Awards $1.1 Million to Support Native American-Owned Small Businesses

PilieroMazza PLLC on

Isabella Casillas Guzman of the U.S. Small Business Administration (SBA) announced on December 15, 2021, that SBA’s Office of Native American Affairs awarded $1.1 million in grants and contracts to seven entities which will...more

Stinson - Corporate & Securities Law Blog

SEC Reopens Comments on Compensation Clawbacks

In 2015 the SEC proposed rules to implement Section 954 of the Dodd-Frank which added Section 10D to the Securities Exchange Act of 1934. Section 10D requires the SEC to adopt rules directing the national securities exchanges...more

McDermott Will & Emery

Five Financing Challenges in European Healthcare Private Equity in 2021 and Beyond

After a year during which uncertainty in the equity markets became the new normal, many stakeholders are wondering whether the disruptions are behind us. A look at key indicators might lead one to say yes. The S&P Loan Index...more

Brownstein Hyatt Farber Schreck

Treasury Announces Second Phase of Pandemic Relief for Tribal Governments

On Wednesday, June 30, the Department of the Treasury announced it will open up the second phase of distributions to tribal governments from the $20 billion tribal portion of the State and Local Fiscal Recovery Fund. This...more

Gray Reed

What’s New in the World of Stimulus Relief: A Discussion of American Rescue Plan Act

Gray Reed on

Since arriving in the United States the Coronavirus pandemic has taken a devastating toll on nearly every aspect of our economy. Industries such as construction have faced new hardships and challenges with workplace safety,...more

WilmerHale

Weekly COVID-19 Oversight & Enforcement Report - May 2021

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The Congressional Oversight Commission released its 12th report on April 30. The report focuses on a $700 million loan to trucking company Yellow Corporation (formerly known as YRC Worldwide) under the CARES Act loan program...more

Patrick Malone & Associates P.C. | DC Injury...

Will the reluctant and resistant trip up the campaign to quell the pandemic?

Even as the latest coronavirus surge appeared to ease, including in hard-hit areas of the Midwest and Northeast, and as the federal government reported the nation has achieved key milestones in vaccinations, the battle to...more

Foster Garvey PC

Eligibility for Federal Stimulus Benefits Appears to Be Benign, But When You Peel Away the Onion, a Major Flaw Appears

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During the COVID-19 pandemic, the federal government enacted three major pieces of legislation to provide financial relief to individuals and families. The American Recovery Plan Act (“ARPA”), the most recent legislation,...more

Gould + Ratner LLP

IRS Issues Guidance for Claiming the Employee Retention Credit for the First Half of 2021

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This week, the IRS issued guidance for employers claiming the employee retention tax credit for the first two quarters of 2021. Background: Changes Under December 2020 Stimulus Plan - Detailed in a previous Gould &...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses -UPDATED April 2021 #1

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

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