Michelle Feit

Expansion of the Main Street Lending Programs: Small Businesses & Nonprofit Organizations

A brief history: On April 9, 2020, the Federal Reserve published term sheets for a lending program—known as the Main Street Lending Program—for small and/or mid-size businesses. There were two separate loan programs under the Main Street Lending Program—the Main Street Lending Program and the Main Street Expanded Lending…
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Paycheck Protection Flexibility Act: Changes to the Paycheck Protection Program

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (the “Act”), to amend sections of the Paycheck Protection Program (“PPP”). The Act: Prospectively extends PPP loan maturity from two years to five (lenders and borrowers may mutually agree to modify the…
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Congress Expresses Additional CARE(s) for Small Businesses Suffering Economic Injury

In a blog post we published last week, we discussed the U.S. Small Business Administration’s (the “SBA”) issued revised criteria for states (or territories) seeking an “economic injury declaration” related to COVID-19, which were released on Tuesday, March 17, 2020. The SBA expected the revised criteria would…
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