The Bottom Line For small businesses impacted by COVID-19 looking for additional financial assistance, the CARES Act set aside $17 billion for the SBA to subsidize payments of principal, interest and fees for six months under certain existing and new SBA loans. Notably, this benefit does not apply Continue Reading
Rewards and Risks for Distressed Strategic Middle Market M&A
The Bottom Line Buyers acquiring distressed assets should remain mindful of transactional risks unique in distressed contexts. Such buyers should not rely solely on typical M&A risk mitigation tactics in structuring and negotiating a deal, and instead should consider the ways that they can Continue Reading
Paycheck Protection Program Flexibility Act of 2020
The Bottom Line The Paycheck Protection Program Flexibility Act of 2020 (the PPP Flexibility Act) was enacted on June 5, 2020. The PPP Flexibility Act provides borrowers with additional flexibility in both the amount of time and the ways in which they are able to use their PPP loan Continue Reading
Latest Guidance on Paycheck Protection Program Loan Forgiveness
The Bottom Line The SBA released long awaited guidance on calculating PPP loan forgiveness and the related steps involved in the forgiveness application process. While the guidance does not answer every question, after reviewing the new guidance, borrowers will be in a much better position to make Continue Reading
The Paycheck Protection Program “Necessity Certification” — The Review, Safe Harbor and Potential Penalties
The Bottom Line Through its update to the FAQ, the SBA provided significantly clearer guidance on which PPP applications will be subject to further review and what the ramifications will be for borrowers who the SBA determines have not made the Necessity Certification in good faith.Any borrower Continue Reading
Paycheck Protection Program and Health Care Enhancement Act to Appropriate Additional Funds for Small Business Loans
The Bottom Line The President signed into law the Paycheck Protection Program and Health Care Enhancement Act (the PPPHCE Act), an approximately $484 economic stimulus package in response to the COVID-19 pandemic.The PPPHCE Act replenishes the funding for the Paycheck Protection Program (PPP) and Continue Reading
Coronavirus Aid, Relief and Economic Security Act: What You Need to Know
Update Since this alert was first published there have been updates to the Paycheck Protection Program addressing what the new program covers and how small businesses can participate. To review the latest information, please consult our COVID-19 Paycheck Protection Program Updates FAQs. The Continue Reading
U.S. Federal Government Proposes Various Changes to SBA Loan Programs to Assist Small Businesses Affected by Coronavirus
The Bottom Line To alleviate the economic hardships of COVID-19 on small businesses, the President signed into law the Coronavirus Preparedness and Response Supplemental Appropriations Act, which increased funding for the SBA’s Economic Injury Disaster Loan Program and declared COVID-19 a disaster Continue Reading
New York City to Provide Financial Assistance to Small Businesses Impacted by COVID-19
The Bottom Line To provide financial relief to small businesses in NYC that have experienced a loss of revenue due to the impact of COVID-19, NYC Mayor Bill de Blasio made available the:NYC Employee Retention Grant Program; andNYC Small Business Continuity Fund.Small businesses should review the Continue Reading
SEC Proposes New Advertising and Solicitation Rules for Investment Advisers and Private Fund Sponsors
The Bottom Line The SEC’s proposed amendments, if adopted, would significantly change the rules applicable to marketing, advertising and solicitation disclosure by investment advisers and private fund sponsors. They are, therefore, important both for public companies and all marketing Continue Reading