On June 3, 2020, Congress passed the PPP Flexibility Act to loosen requirements for loan forgiveness for CARES Act Paycheck Protection Program (PPP) borrowers. The new forgiveness rules will allow
Continue Reading Congress Passes the PPP Flexibility Act
On May 22, the Small Business Administration and the Treasury Department released its latest guidance in the form of two interim final rules on loan forgiveness: “Business Loan Program
Continue Reading PPP Loan Forgiveness: What the Latest Guidance Means for You
On May 12, 2020, the Board of Governors of the Federal Reserve System (the Federal Reserve) announced additional information and FAQs on its Term Asset-Backed Securities Loan Facility (TALF). The
Continue Reading Federal Reserve Releases New Information on the TALF
This evening the SBA issued new FAQ 47 extending the repayment date for the safe harbor to May 18, 2020. View the full FAQs here.
For more information and
Continue Reading SBA Extends PPP Repayment Date for Safe Harbor to May 18
This morning the SBA issued an important new FAQ 46 on how it intends to review the good faith necessity certification required for PPP loans. The safe harbor for return
Continue Reading SBA Issues FAQ Guidance on PPP Good Faith Necessity Certification
On April 30, 2020, the Board of Governors of the Federal Reserve System (the Federal Reserve) announced changes to its Main Street Lending Program (MSLP) in response to feedback from
Continue Reading COVID-19 Economic Stimulus: Federal Reserve Expands Scope and Eligibility for Its Main Street Lending Program
On April 9, 2020, in further response to the economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic, the Board of Governors of the Federal Reserve System took actions to
Continue Reading Federal Reserve Takes Actions to Provide Over $2 Trillion in Liquidity to U.S. Credit Markets, Including the Launch of its Main Street Lending Program
On Feb. 10, 2020, the U.S. Department of the Treasury, Financial Crimes Enforcement Network (FinCEN) published administrative ruling FIN-2020-R001, to clarify requirements of financial institutions reporting on currency transactions
On Oct. 22, 2019, the U.S. House of Representatives, in a 249 to 173 vote, passed H.R. 2513, known as the “Corporate Transparency Act of 2019.” The Corporate
Continue Reading U.S. House Passes Bill That Would Require Disclosure of Beneficial Owners of U.S. Corporations and Limited Liability Companies
On Oct. 11, 2019, the Financial Crimes Enforcement Network (FinCEN), the U.S. Commodity Futures Trading Commission (CFTC), and the U.S. Securities and Exchange Commission (SEC), published a Joint Statement on
Continue Reading CFTC, FinCEN and SEC Issue Joint Statement Reminding Persons in Digital Assets Space of Obligations Under Bank Secrecy Act