Tag Archives: GT Law

Congress Passes the PPP Flexibility Act

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 borrowers to extend the period for spending the loan proceeds to 24 weeks from the date of disbursement, an increase from the eight-week period originally … Continue Reading

PPP Loan Forgiveness: What the Latest Guidance Means for You

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 Temporary Changes; Paycheck Protection Program –Requirements – Loan Forgiveness” and “Business Loan Program Temporary Changes; Paycheck Protection Program – SBA Loan Review Procedures and Related Borrower … Continue Reading

FinCEN Director Confirms Enforcement Focus on Virtual Currency AML Compliance

As another sign of the times, but arguably quite apt given the subject matter, the Consensus Blockchain Conference convened virtually in 2020, with Financial Crimes Enforcement Network (FinCEN) Director Ken Blanco delivering prepared remarks to the conference on May 13, 2020. In those remarks, Blanco confirmed that FinCEN and other federal authorities are focused on … Continue Reading

SBA Extends PPP Repayment Date for Safe Harbor to May 18

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 updates on the developing COVID-19 situation, visit GT’s Health Emergency Preparedness Task Force: Coronavirus Disease 2019 or GT’s Economic Stimulus Team.… Continue Reading

SBA Issues FAQ Guidance on PPP Good Faith Necessity Certification

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 of PPP loans expires tomorrow, May 14, and companies should carefully consider the newest guidance as they weigh whether to return loans. View the full … Continue Reading

AML Compliance Scrutiny of Virtual Currency Services in 2020 and Beyond

In the last decade, traditional financial institutions such as banks and broker-dealers have faced increased scrutiny from federal regulators and prosecutors related to the adequacy of their anti-money laundering (AML) compliance programs. Until recently, however, the federal government’s enforcement efforts against cryptocurrency exchange platforms and other virtual currency firms subject to the Bank Secrecy Act … Continue Reading

Prioritize Monitoring Financial Contracts

Many counterparties are dealing with the impact of market volatility, unprecedented margin calls and the combined  effects on their financial contracts, many of which are active master agreements executed years ago. It is important to check for terms like, “may” verses “shall”, applicable notice requirements and cure periods associated with default triggers and finally, the broad … Continue Reading

Exempt Offering Framework Amendment Proposal

On March 4, 2020, the Securities and Exchange Commission (SEC) announced its proposal to harmonize, simplify, and improve the exempt offering framework under the Securities Act of 1933 (the “Securities Act”).1 The SEC’s proposals are the result of the responses submitted to the SEC in connection with the concept release issued June 18, 2019, soliciting … Continue Reading

SEC Proposes Conditional Exemption for Certain Activities of Registered Municipal Advisors

Section 15 (a)(1) of the Securities Exchange Act of 1934 (Exchange Act) generally prohibits a broker or dealer from effecting “any transactions in, or to induce or attempt to induce the purchase or sale of, any security” unless such broker or dealer is registered with the Securities and Exchange Commission (SEC). However, as is often … Continue Reading

D.C. Circuit Court of Appeals Rules that CFPB Structure is Constitutional, but Rejects the CFPB’s Interpretations of RESPA

On Jan. 31, 2018, the U.S. Court of Appeals for the District of Columbia Circuit issued its long-awaited ruling in the PHH v. Consumer Financial Protection Bureau case, finding that the structure of the Consumer Financial Protection Bureau (CFPB) is constitutional, but reinstating the previous panel decision rejecting the CFPB’s interpretations of the Real Estate … Continue Reading
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