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
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
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
Tax Provisions Contained in the CARES Act
The Bottom Line The CARES Act offers a number of tax benefits for both individuals and businesses with the aim to enhance taxpayer cash flow for 2020.Both classes of taxpayers need to pay close attention to these tax provisions as a number of them will have an immediate impact on both personal and Continue Reading
Loan Programs Currently Provided by the SBA
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