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.…
Continue Reading

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…
Continue Reading

In response to last week’s blog post, we’ve received many questions (thank you!) about ramifications for ineligible companies that take out PPP loans and fail to return loan proceeds by May 7.  This is a huge question.  And, unfortunately, we do not have a single,…
Continue Reading

On April 23, 2020, the Treasury added FAQ #31 to its ever-growing list of Paycheck Protection Program Loans Frequently Asked Questions (“FAQs”). A first set of 18 FAQ Questions and Answers, meant to provide guidance to PPP borrowers and lenders, were released on April 6,…
Continue Reading

  After being signed into law on March 27, 2020, much of the focus surrounding the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) has centered around the Paycheck Protection Program and the Economic Injury Disaster Loan and Emergency Grant. Both programs are…
Continue Reading

On April 21, 2020, Treasury Secretary Steve Mnuchin, expressed concern that large companies – not the intended Paycheck Protection Program (“PPP”) participants – had applied for and received PPP loans. He unequivocally showed that the government will closely scrutinize representations made by PPP Loan borrowers…
Continue Reading

Last week the FCC adopted a $200,000,000 COVID-19 Telehealth Program to provide funding to health care providers battling the coronavirus pandemic. On April 2, 2020, the FCC released its report and order establishing the program. Purpose: The CARES Act appropriated funds for telehealth services so…
Continue Reading