News

Late Tuesday, May 5, the SBA issued an update to its Frequently Asked Questions (see FAQ #43) to extend the safe harbor date for repayment of a PPP loan from May 7 to May 14. Any borrower that repays a PPP loan by this date will be deemed by SBA to have made the required certification regarding the necessity of the loan in good faith.

The SBA recently issued updates to its Frequently Asked Questions interpreting provisions of the Paycheck Protection Program. FAQ #40 addresses application of the CARES Act provisions that reduce the amount of loan forgiven based upon the number of employees retained by a borrower.

The Small Business Administration (SBA) recently released an update to its Frequently Asked Questions.

With the SBA set to resume accepting Paycheck Protection Program loan applications on Monday, the agency issued guidance to allow lenders to make a one-time bulk submission of XML files to E-Tran. The process is intended for banks with a large number of applications ready to submit will allow a single bulk submission per lender and. SBA will begin accepting applications at 10:30 AM EDT, Monday, April 27, 2020.

The flurry of mergers and acquisitions deals in the banking industry over the past several years has created an active market for bankers seeking a better fit at another institution. Anyone changing jobs accepts some risk that the new position will not be as ideal as hoped. While that risk is inherent in any move, bankers and their new employers should consider a few steps to mitigate other risks accompanying the change.

The Small Business Administration (SBA) recently released a supplement to the Interim Final Rule issued on April 3, 2020, along with an update to its Frequently Asked Questions. The supplemental rule provides guidance for self-employed individuals as well as addressing certain eligibility requirements. This alert contains a review of several pertinent points in the rule and updated FAQs.

The Coronavirus Aid, Relief, and Economic Security Act (CARES) includes several changes to bankruptcy law, including an amendment to the Small Business Reorganization Act (SBRA), which took effect earlier this year. (Read full article here) These temporary modifications are designed to benefit small businesses and individuals who have sought, or plan to seek, relief under the provisions of the U.S. Bankruptcy Code. As many debtors seek payment deferments, these provisions will be important in evaluating the rights and benefits of debtors and creditors this year.