Inflation Reduction Act
Does Work-From-Home Work for Your Company's Cyber Insurance?
The start of a new year is always a good reminder to take some time to review key areas and assess whether changes are in order. There are many examples of this both personally and professionally, but a company’s insurance...
SEC Sends Warning Shot on COVID-Impact Disclosures
The Securities and Exchange Commission fired a warning shot last week to all public companies about the quality and accuracy of disclosures made regarding the impact of the COVID-19 pandemic on business operations. On December 4, the SEC announced settled...
PPP Reboot Likely to Include Second Round of Funding for Distressed Businesses
As Congress scrambles to craft the next phase of COVID-19 stimulus and relief legislation, both sides of the aisle appear to be in agreement on expanding the Paycheck Protection Program (PPP) to include more funds for small businesses that have...
Trump Administration Publishes Final Revisions to NEPA Regulations
On July 16, 2020, the White House Council on Environmental Quality (“CEQ”) published its much anticipated final rule revising the regulations implementing the National Environmental Policy Act (“NEPA”). [1] Since taking office, the Trump Administration has sought to modernize NEPA...
The Supreme Court Affirms, but Limits, the SEC's Disgorgement Power
On June 22, 2020, the Supreme Court of the United States issued its decision in Liu v. SEC further limiting the SEC’s remedial powers. While the Court affirmed the SEC’s ability to obtain disgorgement for violations of federal securities laws...
SBA Issues Fresh Guidance and Streamlined Forgiveness Application
On June 16, the Small Business Administration released an updated PPP Loan Forgiveness Application ( SBA Form 3508 ) and a simplified version for certain eligible borrowers (SBA Form 3508EZ ), both reflecting program changes implemented by the recently-enacted Paycheck...
Major Changes Coming To PPP With Paycheck Protection Flexibility Act
The Paycheck Protection Program Flexibility Act (PPFA), passed by both houses as of June 3, makes significant changes to the Paycheck Protection Program affecting both new and existing loans, including reducing the amount of loan proceeds that must be spent...
New Rules Issued Clarifying PPP Loan Forgiveness, Lender Responsibilities and SBA Review
On May 22, the SBA and Treasury released two additional interim final rules (IFRs) on PPP loan forgiveness, providing specific guidance to borrowers and lenders regarding their responsibilities, as well as information on the SBA’s process for reviewing loans for...
SBA Releases Long-Awaited PPP Forgiveness Application and Instructions
On May 15, the SBA and Treasury released the long-awaited PPP loan forgiveness application and related guidance , providing much-needed clarity and ending weeks of speculation about how borrowers will obtain loan forgiveness. The application and instructions confirm that if...
SBA Revises Certification Rules: Safe Harbor for Loans Under $2 Million, Larger Loans Still Subject to Audit
The Small Business Administration has issued new guidance regarding the certification of necessity under the Paycheck Protection Program. Now, borrowers who received loans for less than $2 million -- roughly 98% of PPP loans to date -- will automatically “be...
New Guidance: SBA Clarifies That Foreign Employees Must Be Counted for PPP
The Small Business Administration has clarified through newly-issued guidance that employees of foreign affiliates must be counted when determining the size of a business for eligibility under the Paycheck Protection Program. This new guidance, which is part of a steady...
Mnuchin Warns of Criminal Liability for PPP; Promises to Audit Large Loans
On April 28, Treasury Secretary Steven Mnuchin announced the SBA would be conducting audits of all businesses that received greater than $2 million in PPP loans, reiterating his warning from last week that businesses borrowing under the Paycheck Protection Program...
Class Actions Begin: Plaintiffs Target Banks for PPP Loan Processing
A number of class-action lawsuits have been filed targeting national and community banks for their processing of loans under the Small Business Administration’s Paycheck Protection Program (PPP). It is not surprising that disputes have already arisen, given the swift creation...
Creating a Roadmap for Banks to Mitigate Risk Under the SBA Paycheck Protection Program
On April 2, the Small Business Administration (“SBA”) issued the long-anticipated Interim Final Rule that sets out the current agency guidance regarding requirements that borrowers and lenders must follow in order to apply for and process loans, respectively, under the...
Stay-At-Home Orders – 10 Step Evaluation Process For Manufacturers
In the week following our initial client alert regarding the effect of government stay-at-home orders on your manufacturing operations, approximately 27 states (and many other local authorities) have implemented a version of a stay-at-home order. Many of these same states...