CFPB’s Section 1071 Final Rule (Part 1): A General Overview - The Consumer Finance Podcast
Law Brief: CARES Act Relief for Small Businesses
Monthly Minute | Financial Relief for COVID-19
Nota Bene Episode 82: How Congress is Meeting the Pandemic: Stimulus, Relief, and Recovery with Elizabeth Frazee and Jonathan Meyer
Bankruptcy and Creditors' Rights Issues in Light of COVID-19
In April, I wrote about the Docklight case in Washington State. That case involved a qui tam action pursuant to the False Claims Act in which Docklight, a cannabis ancillary company, settled with the Department of Justice for...more
In March 2020 during the height of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law establishing, among other things, the Payment Protection Program (PPP) administered...more
The Small Business Administration (SBA) is auditing Paycheck Protection Program (PPP) loan forgiveness applications for both First Draw and Second Draw PPP loans, including for nonprofit organizations that received loans. As...more
Unfortunately, the PPP Loan fall-out is far from over. As we noted in the last blog on PPP issues, we are seeing a number of PPP Forgiveness denials for a number of different reasons, and, along with that, we are seeing the...more
PPP loans received by individuals and businesses under the CARES Act will be audited (“reviewed”) by the SBA. The new Economic Aid Act also requires the SBA to submit a forgiveness audit plan within 45 days after enactment...more
In a series of FAQs issued last spring, the Small Business Administration (SBA) made clear that it would review the certification made by Paycheck Protection Program (PPP) borrowers of $2 million or more that “[c]urrent...more
As you may remember from a previous bulletin, the SBA has stated that it will audit all PPP borrowers, who together with a borrower’s “Affiliates” (as determined pursuant to SBA regulations), received PPP loans in excess of...more
The PPP and CARES Act Audit, Investigations and Defense Team has developed a Response Kit that includes the PPP and CARES Act Audit, Investigations and Defense overview; FAQ’s; Important Documents list; and Burr’s PPP and...more
The SBA and the United States Treasury have now released a list of over 600,000 PPP loan borrowers who received PPP loans of $150,000 or more. This list includes the name of the borrowers, the general loan range of the PPP...more
One long week after the U.S. Treasury announced that it was extending the Paycheck Protection Program Loan “safe harbor” deadline to May 14, the U.S. Treasury announced this morning that borrowers whose loan amount (combined...more
Treasury Secretary Steven Mnuchin has stated that Businesses that borrow money through the PPP may expect compliance audits before their loans are forgiven. Many banks, with the encouragement of the U.S. Treasury, “skipped”...more
Treasury Secretary Steven Mnuchin issued a warning on the heels of the second funding of the federal Payroll Protection Program (PPP) that large or public companies will be audited if they received a loan under the program....more
On April 29, 2020, the U.S. Department of Treasury (Treasury) issued an updated FAQ (the Updated Guidance). Notably, Q39 confirms Treasury Secretary Steven Mnuchin’s public statement that the SBA will audit all Paycheck...more
The CARES Act includes significant measures for individuals, employers, and businesses to handle and overcome the COVID-19 pandemic. The set of FAQs below is intended to address questions related to the potential risk of...more