Yesterday, the Small Business Administration (“SBA”) announced that no new applications for loans will be accepted under the Paycheck Protection Program (the “PPP”), which was authorized pursuant to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), because the processed PPP loan volume has reached the $349 billion limit under the CARES Act. Assuming… Read more »

As a result of the outbreak of the coronavirus pandemic (COVID-19), public financial institutions are considering what additional disclosures should be made in their upcoming quarterly reports on Form 10-Q to be filed with the Securities and Exchange Commission (the “SEC”), as well as in their earnings releases.  Our alert providing guidance that public financial… Read more »

The Securities and Exchange Commission recently adopted amendments to its definitions of “accelerated filer” and “large accelerated filer.” Our Alert regarding the changes and how they will affect public companies’ periodic reporting with the SEC is available here.

To our clients and friends: On April 6, 2020, the U.S. Department of the Treasury provided additional guidance and information (the “Treasury Guidance”) to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (“PPP”), which was authorized pursuant to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) recently signed… Read more »

To our clients and friends: On April 2, 2020, the Small Business Administration (“SBA”) issued its interim final rule (the “Interim Final Rule”) regarding the implementation of the Paycheck Protection Program (“PPP”), which was authorized pursuant to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) recently signed into law. Under the PPP, SBA… Read more »