COVID-19 (Coronavirus)

SBA Updates “Economic Uncertainty” Certification GuidanceThe Small Business Administration issued an important update to its answers to frequently asked questions about the Paycheck Protection Program (PPP) on May 13, 2020:

Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?

Answer: When submitting a PPP application, all borrowers must certify in good faith that

SBA Extends PPP “Safe Harbor” to May 14, 2020, and DOJ Announces First PPP ChargesThe Small Business Administration (SBA) updated its answers to frequently asked questions about the Paycheck Protection Program (PPP) on May 5, 2020, as follows:

Question: FAQ #31 reminded borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of

Federal Reserve Expands Scope of Main Street Lending Program and Announces New DetailsOn April 30, the Federal Reserve announced substantial changes to the initial terms of its Main Street Lending Program originally released on April 9, 2020:

After receiving over 2,200 comment letters and consulting with investment banks and financial institutions about the initial terms, the Federal Reserve has now expanded the scope of available loan options