05.04.20
On April 30, the Federal Reserve Board, after receiving more than 2,200 letters in response to a request for feedback on its Main Street Lending Program, announced an expansion of the scope of and eligibility for the program.
04.30.20
In response to the COVID-19 pandemic, federal and state governments and regulators have taken hasty actions that are arguably beyond the scope of their authority in order to provide assistance to businesses and consumers during a time of high unemployment, mandatory shutdowns and reduced consumer ...
While predicting the enforcement priorities of the financial regulators has always been more of an art than a science, the current circumstances—including a pandemic, a presidential election and a Supreme Court case hanging like a guillotine over the Consumer Financial Protection Bureau ...
04.24.20
Today, President Trump signed an increased authorization to the CARES Act to allow for up to an additional $310 billion in aid to be made available under the Paycheck Protection Program (PPP).
04.14.20
With many banks and credit unions electing to limit Paycheck Protection Program (PPP) loans to existing customers, many nonbank lenders are scrambling to fill the gap and take part in the $349 billion program prior to the end of the application period on June 30, 2020.
04.13.20
On April 9, the Federal Reserve took the following actions to provide up to an additional $2.3 trillion in economic aid to support the economy during the coronavirus pandemic.
04.09.20
Although federal regulators repeatedly have assured banks that they can make Paycheck Protection Program (“PPP”) loans without fear of later reprisals, there remains the potential for liability under the federal False Claims Act.
04.04.20
On April 2, 2020 and April 4, 2020, the Small Business Administration (SBA) issued unusual interim final rules (the Rules) providing further detail regarding Paycheck Protection Program loans under the CARES Act. The Rules will take effect immediately upon publication in the Federal ...
04.03.20
On April 2, 2020, the Small Business Administration (SBA) issued an unusual interim final rule (the Rule) providing further detail regarding Paycheck Protection Program loans (PPP Loans) authorized under the CARES Act.
03.31.20
The Treasury Department released additional information today regarding the Paycheck Protection Program that has been authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).