Commercial Finance

Breaking News: SBA Extends PPP Safe Harbor Repayment Deadline to May 14: Promises Additional Guidance on Certification Review

By: Lawrence J. Glusman The SBA just issued a brand new FAQ, #43, which grants an automatic 1-week extension to the PPP loan repayment safe harbor until May 14. Borrowers do not need to formally request the extension. The SBA will implement it through a revision to the Interim Final Rule which created the safe harbor. Most notably, the SBA now intends to provide additional guidance on how they...

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Limited Safe Harbor May 14 Deadline Looms: Did I Misunderstand or Misapply the PPP Borrower Certification?

Limited Safe Harbor May 14 Deadline Looms: Did I Misunderstand or Misapply the PPP Borrower Certification?

By: Lawrence J. Glusman These days you can’t have a conversation with a business owner without mentioning the Paycheck Protection Program. It’s like the weather. Everybody knows something about it, but nobody knows everything about it. Not even the government. As businesses and their lawyers, accountants and bankers collectively await guidance from the Treasury on the parameters of the loan...

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Limited Safe Harbor May 14 Deadline Looms: Did I Misunderstand or Misapply the PPP Borrower Certification?

Save Small Business Fund: Provides Grants to the Smallest of Small Businesses, Opens April 20

By: Sherry D. Coley and Tiffany E. Woelfel The United States Chamber of Commerce Foundation has established the Save Small Business Fund to provide short-term relief to small employers affected by the COVID-19 crisis. The Save Small Business Fund will provide a one-time grant of $5,000 to small businesses to use for business expenses. In order to be eligible for the grant, the small business...

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Webinar Replay: Understanding the CARES Act — Presented by BizTimes Media

Webinar Replay: Understanding the CARES Act — Presented by BizTimes Media

Please scroll to the bottom of the page to view the webinar replay and access the presentation materials. The federal government's $2 trillion economic stimulus bill can help your company survive. But you have to understand NOW what's in it for you and how to apply for funds. This bill is a game changer for many small businesses, but only if you act soon. BizTimes, U.S. Small Business...

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Webinar Replay – Paycheck Protection Program: Factors for Considering a Loan

*Please scroll to the bottom of the page to view the webinar replay and to access the PowerPoint presentation. Business leaders, interested in what many are referring to as “free money”?  Davis|Kuelthau hosted a complimentary webinar for Wisconsin businesses — borrowers and lenders — navigating the emergency loans recently made available through the Coronavirus Aid, Relief, and Economic Security...

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Limited Safe Harbor May 14 Deadline Looms: Did I Misunderstand or Misapply the PPP Borrower Certification?

Coronavirus Aid, Relief, and Economic Security Act (CARES): Title IV – Assistance to Severely Distressed Sectors of the United States Economy

By: Ryan M. Spott, Danielle S. Fadel and Kathy L. Nusslock On March 25, 2020, the United States Senate approved the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion stimulus deal that aims to provide emergency assistance and health care response for individuals, families and businesses affected by the 2020 coronavirus pandemic. As expected, the CARES Act...

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SEC Emphasizes Anti-Fraud Protections During COVID-19 Pandemic

By: Timothy J. Feldhausen On March 23, 2020, the co-directors of the Division of Enforcement of the U.S. Securities and Exchange Commission (SEC) issued a statement regarding market integrity during the COVID-19 pandemic[1].  Specifically, the statement serves to remind public companies of their obligations to maintain disclosure controls and procedures regarding material nonpublic information....

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Borrowers Under SBA 504 and SBA 7(a) Loan Programs Eligible for Deferral of Principal, Interest and Fees for up to Six Months

By: Lawrence J. Glusman and Michael Van Someren To address temporary business interruptions, U.S. Small Business Administration (SBA) lenders nationwide have authority to defer payments of principal, interest and servicing fees for up to six months.  Borrowers with existing loans under the SBA 504 Loan (Certified Development Company) program and the SBA 7(a) Loan Guarantee program should...

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Employer Relief May Be in Sight – Senate Bill Includes Forgivable Loans to Maintain Payroll for Next Four Months

By: Michael Van Someren and Lawrence J. Glusman The Senate is currently considering a bill that could greatly increase the ability of employers to retain their employees.  The Coronavirus Aid, Relief, and Economic Security Act or “CARES Act” is currently being considered by the U.S. Senate.  While it has not yet passed and includes a number of provisions, perhaps the most important to companies...

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DFI Licensed Lenders and Payday Lenders Should Be Cautious During COVID-19 Crisis

By: Sherry D. Coley and Tiffany E. Woelfel On March 18, 2020, the Wisconsin Department of Financial Institutions (“DFI”) issued emergency guidance to licensed lenders and payday lenders cautioning them from increasing customary interest rates, fees, or any costs of borrowing in response to the COVID-19 crisis. DFI explicitly warned that increases will be monitored closely and that any increases...

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