The Main Street Lending Program is designed to help companies that were in sound financial condition prior to the coronavirus (COVID-19) pandemic to maintain their operations and payroll until conditions normalize. This White Paper gives a broad understanding of the program terms and implications by delving into the key questions market participants are likely to have about the program and addressing the latest changes implemented in the final legal forms and agreements.
The US federal government has taken significant actions to quell the economic fallout for businesses weathering the coronavirus (COVID-19) pandemic, including the Federal Reserve providing $600 billion through the Main Street Lending Program, intended to support US companies that were in sound financial condition before the COVID-19 crisis.
Nonprofit organizations are on the front lines in the battle against the coronavirus (COVID-19), but they also number among the many victims of COVID-19’s devastating financial impact. In response, the Federal Reserve recently announced that loans would be available to nonprofit borrowers under the Main Street Lending Program, and issued a FAQ on two new facilities—the Nonprofit Organization New Loan Facility and the Nonprofit Organization Expanded Loan Facility.
The Small Business Administration recently issued a procedural notice to Paycheck Protection Program lenders addressing the treatment of PPP loans in the context of a “change of ownership” of the borrower and whether prior SBA approval must be obtained in such transactions. This LawFlash provides key takeaways relevant to M&A transactions involving PPP borrowers.
Please join us for our Registered Funds Trends and Developments Quarter in Review, the latest in a series of webinars featuring in-depth and informal conversations among our ’40 Act lawyers.
As state revenue agencies train their auditors in traditional IRC §482 transfer-pricing methodologies or outsource transfer-pricing audits to third-party specialists, a recent initiative by the Indiana Department of Revenue follows another, alternative federal transfer-pricing compliance tool: advance pricing agreements (APAs).
As we discussed in a prior LawFlash, US President Donald Trump signed four executive actions that purportedly extend various aid measures for individuals impacted by the coronavirus (COVID-19) pandemic on August 8.
The CARES Act’s Paycheck Protection Program provides loans targeted to small businesses to help keep their workers employed during the coronavirus (COVID-19) pandemic, and offers loan forgiveness to borrowers maintaining a high percentage of employees on payroll. This LawFlash provides the latest developments in PPP loan availability, eligibility, and forgiveness, as well as a comprehensive overview of the PPP and related guidance.
The Paycheck Protection Program and other government loan programs implemented in response to the coronavirus (COVID-19) pandemic have a variety of implications on pending and potential M&A transactions. This White Paper provides an overview of considerations that stakeholders in a transaction should consider in structuring, negotiating, and executing a deal involving a PPP loan.
The Federal Reserve took additional actions on April 9 to provide up to $2.3 trillion in loans to support the US economy during the coronavirus (COVID-19) pandemic. This LawFlash covers the new and expanded programs, and provides comprehensive coverage of the Coronavirus Economic Stabilization Act.
The Internal Revenue Service (IRS) recently released new guidance in IRS Notice 2020-50 and Notice 2020-51 to help owners and beneficiaries of individual retirement accounts and individual retirement annuities (IRAs) and IRA providers navigate the relief provided under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Charged with administering new payroll tax relief programs created by the FFCRA and CARES Act, the IRS recently released a redesigned version of Form 941 (Employer Quarterly Tax Return) through which employers can now claim entitlement to FFCRA qualified sick/family leave tax credits, CARES employee retention credits, and CARES payroll tax deferrals.
The Internal Revenue Service recently published additional guidance on the coronavirus-related distributions and loans provisions of Section 2202 of the CARES Act. Notice 2020-50 is intended to assist employers and plan administrators, trustees and custodians, and qualified individuals in applying Section 2202 to take advantage of greater access to plan distributions and plan loans.
The Small Business Administration on April 24 issued an update to an interim final rule, crystalizing its view that applicants that have sought protection under the US Bankruptcy Code are not qualified borrowers under the Paycheck Protection Program.
With the issuance of Notice 2020-39 (the Notice), the Internal Revenue Service (IRS) has provided relief for Qualified Opportunity Zone Funds (QOFs) and for investors in QOFs. While the relief provided in the Notice does not solve every challenge for QOFs and investors during the pandemic, investors and sponsors alike should warmly receive the specific relief.
Congressional stimulus packages appropriated $175 billion in relief funds under the CARES Act and the Paycheck Protection Program and Health Care Enhancement Acts for the benefit of hospitals and other healthcare providers in response to losses incurred due to the coronavirus (COVID-19) pandemic.
Small businesses are among the hardest hit by the coronavirus (COVID-19) crisis and the shocks to consumer demand and supply resulting from the ensuing government orders to stay at home and close nonessential businesses.
Join us for a webinar to discuss the issues associated with pursuit of funds under Business Interruption Coverage and FEMA Public Assistance and how they may intersect with the Acceptance of Terms and Conditions associated with the CARES Act Provider Relief Funds.
Please join us to discuss the new Main Street Lending Program Forms and updated FAQs released on Wednesday, May 27 by the Federal Reserve Bank of Boston in anticipation of program launch.
The Singapore government announced on 26 May its S$33 billion “Fortitude” budget, which will provide support for businesses and workers in light of the coronavirus (COVID-19) pandemic.
The UK Future Fund is aimed at supporting continued growth and innovation for UK-based companies in a variety of sectors amid the coronavirus (COVID-19) pandemic.
Temporary relief provided by the US Securities and Exchange Commission focuses on financial statements and timing and cancellation requirements with regard to Regulation Crowdfunding, and is expected to make it easier and faster for small businesses to complete offerings.
New guidance from the Internal Revenue Service will allows RICs and REITs to retain more capital by distributing less cash to shareholders in certain stock distributions—welcome relief during the current economic volatility resulting from the coronavirus (COVID-19) pandemic.
Morgan Lewis partner John Park is speaking at VC Taskforce’s next CVC Roundtable COVID19's Impact on VC/CVC Investment 2020: Insights From The Experts.
The European Commission has revised its Temporary Framework for State Aid to support the economy during the coronavirus (COVID-19) pandemic to allow capital injections by EU member states into nonfinancial firms affected by the pandemic.
The widespread economic disruption precipitated by the coronavirus (COVID-19) global pandemic and oil price volatility has caused debt portfolios to come under scrutiny and fund sponsors and investors to consider opportunities in the marketplace. Many asset managers are forming funds focused on liquid credit opportunities, secondary portfolio purchases and, as with the expansion of nonbank lending after the 2008 global financial crisis, providing customized solutions to distressed and other borrowers that are either unable or unwilling to borrow from traditional banks. In addition, certain existing funds are extending their offering periods and modifying their investment strategies to capture the opportunity.
Companies with substantial business interruption losses related to the coronavirus (COVID-19) pandemic must take immediate, concrete steps now to preserve their ability to pursue recoveries from insurance and/or financial relief from future governmental programs.
Please join us to discuss the newly issued term sheets and guidance on the Main Street Lending Program, including changes relevant to borrowers and lenders across all industries and sizes.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided a $2 trillion economic stimulus and contained many major tax changes to help businesses and individuals. This recorded webinar discusses major modifications to net operating losses, technical corrections of the Tax Cuts and Jobs Act, and changes on business interest deductions.
The CARES Act provided economic relief to organizations facing financial challenges as a result of the pandemic. Claiming many of these benefits, however, requires organizations to navigate a complex web of eligibility requirements and select among mutually exclusive options. This recorded webinar provides an overview of these aid requirements for nonprofits, charitable organizations, and tax-exempt organizations.
The UK government today launched a new loan guarantee programme for UK businesses—the Coronavirus Large Business Interruption Loan Scheme (CLBILS)—intended to plug the gap by providing loan guarantees for medium and large businesses which were not covered by the two earlier UK loan guarantee programmes related to the coronavirus (COVID-19) pandemic.
This discussion provides an overview of the Federal Reserve programs, including Main Street and other federal COVID-19 relief programs, and the loan programs under the CARES Act. The presentation highlights key aspects of the Main Street Lending Program broadly, with a focus on primary and secondary corporate credit facilities, the Paycheck Protection Program term financing, and the municipal liquidity facility.