On December 27, 2020, the President signed the Consolidated Appropriations Act, 2021 (“2021 Act”), which contains the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (“Economic Aid Act”). The acts contain changes to the Paycheck Protection Program (“PPP”) that are intended to limit assistance to small businesses that need the financial support. The […]
For more information on how we can help your business, visit our COVID-19 Resource Center. Expansion of the Main Street Lending Program to Nonprofit Organizations On July 17, the Federal Reserve Bank of Boston announced the expansion of the Main Street Lending Program to extend credit to nonprofit organizations such as hospitals and social service […]
We live in unprecedented times. Never before in modern history has the United States voluntarily shut-down its entire national economy in order to stop a virus pandemic. Payrolls have dropped by more than 21 million workers, wiping-out a decade of job gains. New orders, production, hiring, and new exports all fell again in May. As […]
For more information on how we can help your business, visit our COVID-19 Resource Center. Paycheck Protection Program and Health Care Enhancement Act Authorizes Additional Funding On Friday, April 24, 2020, the President signed into law a bill that authorizes several billion dollars in additional funding for the Paycheck Protection Program (PPP) and the SBA’s […]
For more information on how we can help your business, visit our COVID-19 Resource Center. On Thursday, April 9, 2020, the Treasury and the Federal Reserve announced the details of a Main Street Lending Program authorized by the CARES Act to help small and mid-sized businesses obtain funding of up to $600 billion. The program […]
For more information on how we can help your business, visit our COVID-19 Resource Center. Last Friday, the SBA issued an Interim Final Rule and additional guidance on the SBA’s affiliation rules. The additional guidance clarifies that a majority of the affiliation rules typically applicable to business borrowers are also applicable in the context of […]
For more information on how we can help your business, visit our COVID-19 Resource Center. On April 2, 2020, the Treasury Department published several updates to the Paycheck Protection Program (PPP) on its website. Among those listed are the revised guidance for borrowers, an updated Borrower Application Form, and an Interim Final Rule from the […]
For more information on how we can help your business, visit our COVID-19 Resource Center. On Friday, the President signed the $2 trillion emergency aid bill passed by Senate earlier last week in response to the economic blow of the coronavirus outbreak. The legislation, called the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is […]
Since our last client alert on economic relief programs, the Treasury Department has issued additional guidance relating to the Paycheck Protection Program (including a sample PPP application, found here) and the new federal/Treasury loan program. To view the documents and guidance provided on the Treasury’s site, please click here. Of note from the guidance is […]
The Paycheck Protection Loan Program The program streamlines the Small Business Administration (SBA) loan process for businesses affected by the COVID-19 outbreak. The loan is non-recourse except to the extent that the borrower uses the proceeds for a purpose not authorized under the act and no personal guaranty is required. The typical SBA requirement that […]