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Inflation Reduction Act
SEC Cybersecurity Reporting Requirements for Public Companies: Applying Old Standards to New Risks
On July 26, 2023, the Securities and Exchange Commission (“SEC”) issued a final rule that requires registrants to provide enhanced and standardized disclosures regarding “cybersecurity risk management, strategy, governance and incidents.” This rule, the culmination of discussion following the March...
Generic ESG Statements and Securities Class Actions: Goldman Sachs Secures Second Circuit Victory in Long-Running Class Certification Battle
A three-judge panel for the US Court of Appeals for the Second Circuit reversed a district court’s class certification in the decade-long Arkansas Teacher Retirement System v. Goldman Sachs Group litigation regarding allegedly false public disclosures made by Goldman regarding...
Is the "S" in ESG Poised for a Breakout Year in 2022 for Sustainability-Linked Loans?
If last year was any indication, 2022 may be another record-setting year for the sustainable syndicated loan market. According to financial data provider Refinitiv, new issuances of sustainability-linked loans (“SLLs”) climbed to $717 billion in 2021, an increase of more...
OECD Announces Amendment to Arrangement on Officially Supported Export Credits
Effective as of 20 April 2021, an amendment to the Arrangement on Officially Supported Export Credits (TAD/PG(2020)1) (the “ Arrangement ”) was announced by the Organisation for Economic Co-operation and Development (“ OECD ”), in relation to local cost provisions...
What Labor Nominee Walsh Means for the Fiduciary Rule’s Future
On January 7, 2021, President-elect Joe Biden named Boston Mayor Martin Walsh as his nominee for Secretary of Labor. Walsh’s nomination raises questions for the future of the Labor Department’s (DOL’s) fiduciary rule , which regulates “investment advice fiduciaries” under...
New PPP Rules Governing M&A Transactions
The Small Business Administration issued long-awaited rules governing lender and borrower obligations when there is a change in ownership of an entity that has received a Paycheck Protection Program (“PPP”) loan. The new guidance, issued on October 2, 2020, eliminates...
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...
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...
Green Loans and Sustainability Linked Loans: New Guidance to the Green Loan Principles and Sustainability Linked Loan Principles jointly issued by the LMA, the LSTA and the APLMA
The present and future impact of climate change, human rights violations, corruption, environmental, labour and regulatory violations and poor corporate governance on the quality of investments and the associated credit risks has spurred widespread recognition by the finance community of...
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...