- On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the Flexibility Act), which made some key changes to the Paycheck Protection Program (PPP).
- On May 15, 2020, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application form.
- PPP Guidance Update: SBA Creates Limited Safe Harbor for Borrowers who have Received Less than $2,000,000The SBA and the Treasury updated the Paycheck Protection Program (PPP) FAQs on May 13, 2020, creating new guidelines surrounding the requirement in the PPP loan application that a borrower certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant” (the Need Certification).
- The Small Business Administration and the Treasury updated the PPP Frequently Asked Questions on April 23 and suggested that certain businesses that have already obtained PPP loans should repay their loan in full by May 7 if they cannot demonstrate that as of the date of application, the loan was necessary to support their ongoing operations due to the current state of the economy.
- SBA Releases Fourth Interim Final Rule Clarifying PPP Eligibility for Private Equity Firms and Hedge FundsOn April 24, 2020, the Small Business Administration (SBA) released its fourth Interim Final Rule titled “Business Loan Program Temporary Changes: Paycheck Protection Program – Requirements – Promissory Notes, Authorizations, Affiliation, and Eligibility."
- Congress Passes Bill Extending Small Business Loan Programs and Providing Emergency COVID-19 Response FundingFollowing weeks of negotiations, today Congress passed the Paycheck Protection Program and Health Care Enhancement Act providing a relief from the widespread economic injury caused by the COVID-19 public health emergency.
- The Federal Reserve has continually promised to use its full range of tools to support the flow of credit to households and businesses to counter the economic impact of COVID-19 and to promote a swift economic recovery.
- Congress Creates the Paycheck Protection Program Through the SBA to Provide Loans and a Loan Forgiveness Program to Eligible Entities Impacted by COVID-19Phase III of the federal COVID-19 relief legislation—the CARES Act, which President Trump signed into law on March 27, 2020—amends Section 7(a) of the Small Business Act to create the Paycheck Protection Program (PPP).
- The CARES Act provides immediate relief to businesses suffering from the economic impacts associated with the COVID-19 pandemic
- COVID-19, Private Investors and the CARES Act: Do Investor Backed Companies Get Left Out in the Cold?This alert provides answers to some of the preliminary questions private equity, family office, fundless sponsor and venture capital firms, along with their portfolio companies, might be asking as they consider applying for a loan under the Small Business Act to create the Paycheck Protection Program.
- Earlier this month, Ohio legislation became effective that removes doubt as to the enforceability of electronic signatures, records, and contracts that are secured through blockchain technology. The amendment makes Ohio one of only a few states to expressly identify blockchain technology in its laws – positioning Ohio as a blockchain-friendly state for a technology, around which both regulatory and business uncertainty loom due to its infancy and breadth of potential applications.
- Client Alert: Is Your Marketing Services Agreement Really About Marketing? CFPB Takes Action Against Mortgage Lender, Mortgage Broker, And Mortgage Servicer For Illegal Kickback SchemeOn January 31, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it took action against a California mortgage lender, two real estate brokers and a mortgage servicer for violations of the anti-kickback provision of the Real Estate Settlement Procedures Act (RESPA).
- It’s all over the news and it’s top of mind with bank regulators: “Cybersecurity.” What happened with Target, Home Depot and Wyndham hasn’t helped. The last several years have been fraught with news story after news story about those crafty hackers who find vulnerabilities in a company’s system and steal private information or even redirect funds. And despite all of our technological advancements, the escalation in successful hacking attempts has no end in sight. Call them hackers, fraudsters or good old-fashioned crooks, from computer-savvy teenagers to state-sponsored groups, they are not going away. And, unfortunately, they seem at times to be two steps ahead of the latest security software and security vendors that are offering you and your financial institution protection.
- With an industry-wide focus on enterprise risk management, and with the particular vulnerability of banks to the adverse impact of “reputation risk,” it is important that banks understand and take appropriate steps to mitigate risks associated with internet defamation. Online reputation attacks, including internet defamation, are affecting all industries and professionals. Banks, –including community banks,– are not immune from being attacked and disparaged online.
- Recently five federal agencies, The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration and the Federal Housing Finance Agency, issued much-anticipated joint final rules that establish minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers and major security-based swap participants for which one of the Agencies is the prudential regulator.
- Client Alert: Dodd Frank Compliance Date for Notification of Segregation on Horizon for Swap Dealers and Major Swap ParticipantsIn November of 2013, the U.S. Commodity Futures Trading Commission (CFTC) issued Final Rules on the Protection of Collateral of Counterparties to Uncleared Swaps (the Final Rules).
- The Future of the Commodity Futures Market: How Customer Segregated Accounts Can Be Better Protected From Insolvent Futures Commission MerchantsZachary Brumfield, a staff attorney in the Vorys Columbus office, authored an article for the Fall 2013 edition of the John Marshall Law School Global Markets Law Journal. His article focused on possible strategies to protect customer segregated accounts from insolvent futures commission merchants.
- Elizabeth Turrell Farrar, a partner in the Columbus office, published this article in the Winter 2013 issue of The Bankers' Statement.
- Client Alert: U.S. Treasury Issues Interim Rules Regarding Executive Compensation Provisions of the Capital Purchase Program Established Under the EESA