loans – Page 4 – Coronavirus (COVID-19)

April 24, 2020August 31, 2020 by Duane Morris

SBA Updates Interim Regulatory Guidelines to Greatly Expand Accessibility of Paycheck Protection Program Loans to Gaming Businesses

On April 24, 2020, the casino industry received some much-needed good news from the Small Business Administration (SBA). Specifically, the SBA issued revised regulatory guidelines for the CARES Act’s Paycheck Protection Program (PPP) that now make PPP loans available to small gaming businesses previously precluded from the program because of restrictions on gambling-based revenue, but otherwise met the eligibility requirements.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 24, 2020September 2, 2020 by Duane Morris

CARES Act 2.0 Shores Up COVID-19 Economic Relief Programs

On April 23, 2020, the United States House of Representatives passed the Paycheck Protection Program and Health Care Enhancement Act (CARES Act 2.0), which, among other provisions, replenishes the funding for the Payment Protection Program (PPP) established by the Coronavirus Aid, Relief and Economic Recovery Act (CARES Act). The United States Senate previously passed CARES Act 2.0, and the bill is expected to be signed into law by the president shortly.

In addition, the Treasury Department released further guidance on the eligibility of companies for access to other funding sources with respect to PPP loans and clarified the need for borrowers to review the certifications in the PPP loan application.

To read the full text of this Alert, which summarizes certain key aspects of CARES Act 2.0 and related guidance, please visit the firm website.

April 23, 2020August 31, 2020 by Duane Morris

Duane Morris Joins Massachusetts COVID Relief Coalition for Small Businesses and Nonprofits

Duane Morris LLP has joined the COVID Relief Coalition for Small Businesses and Nonprofits, a Massachusetts coalition of law firms, nonprofits and government agencies providing pro bono legal support, access to emergency loans and other sources of relief to small businesses and nonprofits impacted the COVID-19 pandemic.

To read the full text of this press release, please visit the firm website.

April 22, 2020September 1, 2020 by Duane Morris

Pennsylvania Defers Payment Obligations and Maturity Dates by 3 Months on Loans from Various Commonwealth Agencies

Today, Department of Community and Economic Development (DCED) Secretary Dennis Davin announced that the Pennsylvania Industrial Development Authority (PIDA), Pennsylvania Minority Business Development Authority (PMBDA), and Commonwealth Financing Authority (CFA) are deferring loans and that the maturity dates and amortization schedules of all applicable loans are extended by three additional calendar months.

To read the full text of this post by partner Brad Molotsky, please visit the Duane Morris Project Development, Infrastructure and P3 Blog.

April 22, 2020August 31, 2020 by Duane Morris

Loan Obligations: Relief Measures in Singapore During the COVID-19 Pandemic

A package of targeted relief measures was announced by the Monetary Authority of Singapore (MAS) on 31 March 2020, which it has rolled out together with the Association of Banks in Singapore, the Life Insurance Association, the General Insurance Association and the Finance Houses Association of Singapore to provide temporary relief for individuals and small- and medium-sized enterprises (SMEs) facing liquidity problems during this period of the COVID-19 pandemic. In the face of a collapsing world economy, these measures could prove to be a lifeline to starve off bankruptcy and winding-up actions.

To read the full post, please visit the Duane Morris and Selvam COVID-19 Resource Blog.

April 21, 2020August 31, 2020 by Duane Morris

Paycheck Protection Program Loan Forgiveness Update

Now that the Small Business Administration (SBA) has funded the first wave of Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), borrowers need to be mindful of the PPP use-of-proceeds requirements for forgiveness and the penalties for the unauthorized use of proceeds.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 17, 2020August 31, 2020 by Duane Morris

SBA’s Interim Final Rule Clarifies Paycheck Protection Program Loan Eligibility Requirements

On April 14, 2020, the Small Business Administration (SBA) released an additional interim final rule applicable to Paycheck Protection Program (PPP) loans. The interim final rule covers eligibility criteria for self-employed individuals and partnerships, as well as clarifications for businesses affiliated with a PPP lender and businesses operating in the legal gaming industry. However, many of the concepts addressed in the interim final rule are also applicable to all loan applicants and the use of PPP loans in general. Note: Although the PPP funds have run out, Congress is discussing adding more money.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 15, 2020September 1, 2020 by Duane Morris

Small Business Administration Updates Interim Regulatory Guidelines to Help Certain Gaming Companies

On April 14, 2020, the Small Business Administration (SBA) issued revised interim regulatory guidelines for the Paycheck Protection Program (PPP). The revisions provide, in relevant part, that certain companies which derive revenues from legal gaming activities are eligible for PPP loans and are not automatically ineligible as previously thought pursuant to the interim regulatory guidelines released on April 2, 2020, and discussed in our previous Alert.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 14, 2020August 31, 2020 by Duane Morris

Update: Small Business Administration Expands Its FAQs on Paycheck Protection Program

Note: This is an update to our previous Alert on this subject.

The SBA continues to clarify aspects of the Paycheck Protection Program. Effective on April 13, the SBA updated the original FAQs from April 3 to add question numbers 19 to 25.

To read the full text of this Duane Morris Alert, which discusses the new FAQs, please visit the firm website.

April 10, 2020August 31, 2020 by Duane Morris

Fed Provides Guidance on Main Street Lending Program

The Federal Reserve on April 9, 2020, released anxiously awaited guidance regarding the Main Street Lending Program that was authorized under the Coronavirus Economic Stabilization Act (Title IV of the CARES Act). Two releases were provided: the Main Street Expanded Loan Facility, dealing with additional loan tranches under existing credit facilities; and the Main Street New Loan Facility, dealing with origination of new lending facilities. Each facility under the lending program, authorized under section 13(3) of the Federal Reserve Act, is intended to promote lending to small and medium-sized businesses, but has slightly different eligibility requirements. Though the Main Street Lending Program is backstopped by the Federal Reserve, the loans thereunder will be made directly by U.S. banks and savings and loan companies.

To read the full text of this Duane Morris Alert, please visit the firm website.