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  • Coronavirus Alert

    New Proposed Rule Would Give Non-Exclusive Safe Harbor from Broker Registration

    January 20, 2021
    On October 7, 2020, the Securities and Exchange Commission (SEC) published a rule proposal to provide a safe harbor exemption permitting an individual acting as an unregistered broker or dealer, or “finder,” to engage in capital-raising activities on behalf of smaller private companies without registering as a broker-dealer. The SEC’s proposal (Release No. 34-90112; File No. S7-13-20) aims to address concerns that have been raised by small businesses when attempting to identify “finders” to engage potential investors while raising capital. In today’s capital markets, the SEC has not previously recognized a “finders” exemption or exception, nor has the SEC provided general guidance on “finders”, other than interpretive positions taken by the SEC staff in no-action letters, prompting some to observers to refer to the use of finders as the “gray market.”
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  • Coronavirus Update

    PPP Extended and Expanded to Provide Additional Funding to Borrowers

    January 8, 2021
    The Paycheck Protection Program (PPP) has been extended and expanded to provide more funding for first-time borrowers and to allow some existing borrowers the opportunity to receive additional help. The Economic Aid Act, which become law late last year, allocates $284 billion in additional funds to the program and authorizes the Small Business Administration (SBA) to guarantee loans through March 31, 2021. On January 6, 2021, the SBA provided guidance in the form of Interim Final Rules (First Draw IFR) (Second Draw (IFR) to address eligibility and applications to the expanded program.
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  • Lindsey Emerson Raines

    Lindsey Emerson

    Key Bankruptcy Amendments in New COVID-19 Relief Package

    January 4, 2021
    Congress’s most recent COVID-19 relief bill was signed into law on Sunday, Dec. 27, 2020, as the Consolidated Appropriation Act of 2021 (CAA). Title X of the CAA provides additional bankruptcy relief for individual and corporate debtors, as well as creditors impacted by COVID-19. Most changes are temporary as noted below.
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  • Madeline O. McElhanon

    AR SOS Business and Commercial Services Office Closure to Impact End of Year Dissolution Filings

    December 21, 2020
    The Business and Commercial Services office of the Arkansas Secretary of State (AR SOS) will be closed beginning at noon on December 30, 2020 and will not reopen until January 4, 2021. Any company wishing to dissolve before the end of the year must do so prior to noon on December 30, 2020.
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  • Coronavirus Alert

    Federal Reserve Makes Adjustments to Main Street Lending Program Terms

    November 2, 2020
    On October 30th, the Federal Reserve Board announced two adjustments to the terms of its Main Street Lending Program. These changes are designed to better provide support to smaller for-profit businesses and nonprofit organizations.
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  • Coronavirus Alert

    SBA Releases New Interim Final Rule on Paycheck Protection Program

    August 28, 2020
    On August 24, the U.S. Small Business Administration (SBA) released a new interim final rule regarding the Paycheck Protection Program (PPP). This new interim final rule provides additional guidance on the applicability of owner compensation rules and the eligibility of certain nonpayroll costs for forgiveness.
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  • Coronavirus Alert

    PPP: SBA Provides Guidance on Loan Forgiveness

    August 12, 2020
    On August 11th the Small Business Administration updated its Paycheck Protection Program (PPP) frequently asked questions on loan forgiveness.
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