Firm Insights
On April 9, 2020, the Federal Reserve, published term sheets for a Main Street Lending Program for small and/or mid-size businesses. The April 9 term sheets set forth two separate loan programs under the Main Street Lending Program—the Main Street Lending Program and the Main Street Expanded Lending Program. Comments from lenders and borrowers concerning the two programs were…
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For any employer that expected PPP loan proceeds to be “free money,” the IRS has essentially said – not so fast. In guidance issued on May 1, 2020, the IRS clarified that to the extent that an employer makes payments of expenses that result in forgiveness of a PPP loan (namely, payroll, mortgage interest, rent,…
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This article was published on May 4th and is current as of that date. On May 5, 2020, the Treasury and SBA issued FAQ 43, which extends the repayment date to May 14 for borrowers wishing to fall within the “safe harbor” and that the SBA intends to issue additional guidance concerning certification prior to…
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