Commercial Finance
Milwaukee Business Journal’s Table of Experts: Revisiting the Paycheck Protection Program

SBA Issues “Change of Ownership” Procedures for PPP Borrowers: M&A Transactions Must Now Be Reviewed for Compliance

By: Lawrence J. Glusman On October 2, 2020, the Small Business Administration (SBA) issued a procedural notice regarding changes of ownership of an entity that has received Paycheck Protection Program (PPP) funds.  The notice does three main things – defines when a “change of ownership” is deemed to have occurred, details when and how lenders may...

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Milwaukee Business Journal’s Table of Experts: Revisiting the Paycheck Protection Program

PPP Flexibility Act of 2020 Passes Congress: Covered Period Increased for Up to 24 Weeks Among Other Changes Useful for Some But Not All Borrowers

On June 3, 2020, the Senate passed H.R. 7010 (previously passed by the House on May 28, 2020) entitled the Paycheck Protection Program Flexibility Act of 2020 (the “PPPFA”). Once signed into law by the President, the PPPFA will amend the CARES Act in several meaningful ways. The highest profile change is to the definition of “covered period”...

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SBA Creates New Safe Harbor for PPP Certification Review: Loans Under $2 Million Deemed Certified in Good Faith and Loans Over $2 Million Subject to Possible Loss of Forgiveness (Updated May 14, 2020: New PPP FAQ #47 published)

SBA Creates New Safe Harbor for PPP Certification Review: Loans Under $2 Million Deemed Certified in Good Faith and Loans Over $2 Million Subject to Possible Loss of Forgiveness (Updated May 14, 2020: New PPP FAQ #47 published)

By: Lawrence J. Glusman   Second Round of May 13, 2020 SBA Updates | New PPP FAQ #47 Published 47. Question: An SBA interim final rule posted on May 8, 2020 provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity...

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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...

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